【原文】摘錄自12月4日《文匯報》：特區(qū)政府估算本年度財政赤字逾1,000億元。行政長官李家超日前表示，政府將採取開源節(jié)流雙管齊下策略，力求在減少對市民影響的同時，刺激經濟，增加政府收入。面對財赤，特區(qū)政府固然應透過簡化行政程序、提升效率節(jié)省開支，更要用好中央的挺港政策，積極搶企業(yè)、搶人才、吸資本、吸遊客，不斷開拓新的經濟增長點，投資未來增強競爭力，為財政穩(wěn)健打下堅實基礎。

據初步估算，特區(qū)政府2024/2025年度的綜合赤字約達千億元，高於今年預算案時預計的481億元，財政司司長陳茂波指，有信心財政「大概在三數年內」恢復平衡。

陳茂波分析，財政收入減少有三大原因，分別是資產市場疲弱致賣地收入和補地價收入大幅下滑；房地產市場交投量萎縮令印花稅收入減少；以及企業(yè)經營環(huán)境不理想導致企業(yè)利得稅收入減少。

前兩項原因其實與樓市低迷有關。賣地收入一直是特區(qū)政府主要的收入來源，但本財政年度原本預期賣地收入有330億元，結果暫時只有37億元，單單此項已令特區(qū)政府少收近300億元。賣地收入與樓市氣氛密切相關，且波動性高，隨著減息周期開始和人才持續(xù)流入，香港樓市已經止跌回穩(wěn)，未來更有望復甦，賣地收入亦會水漲船高。因此對目前的財赤，社會應該理性看待，集思廣益尋求解決辦法，無須過分擔憂。

應對財赤離不開「開源節(jié)流」兩大途徑。短期而言，節(jié)流較快見效。特區(qū)政府表示會將公務員編制維持在2021年水平，並進一步檢視其他削減開支的空間。特區(qū)政府的精簡行政程序，提升審批效率，不僅能加快社會發(fā)展速度，更為政府節(jié)省開支，應循此方向加大節(jié)流力度。

解決財赤的治本之策，在於開源。李家超強調，國家是香港最大機遇和最強大後盾，國家經濟保持增長，推出多項惠港措施，包括上星期恢復及擴大深圳「一簽多行」，加上機場三跑系統(tǒng)已經啟用，明年啟德體育園開幕，大量盛事及國際會議會在港舉行，都將提振經濟，增加企業(yè)收入及財政收入。

特區(qū)政府近年採取多種途徑，增強經濟發(fā)展動力，包括持續(xù)搶企業(yè)、搶人才。今年上半年，投資推廣署共協(xié)助322間企業(yè)來港開設公司或開展業(yè)務，帶來382億元的總投資額；各項人才入境計劃批出接近24萬宗，共有約16萬名人才攜同家人抵港；新一份施政報告提出優(yōu)化「新資本投資者入境計劃」，吸引高淨值人士來港。

另外，特區(qū)政府大力發(fā)展家族辦公室，壯大金融市場以及財富管理業(yè)務。這些新增優(yōu)質企業(yè)和人才在港幹事興業(yè)，為香港經濟提供增量，特區(qū)政府應加大力度推進這一系列政策措施，增加財政收入，以利降低財赤。

長遠而言，香港需要加快經濟結構轉型升級，培育新的經濟增長點，保障財政穩(wěn)健有源源活水。建設北部都會區(qū)、發(fā)展創(chuàng)科產業(yè)，事關香港提升核心競爭力，不能因為暫時的財赤而放慢發(fā)展腳步，相反應該著眼長遠，特區(qū)政府和工商界攜手合作、加大投資，香港經濟才能持續(xù)健康增長，為未來的財政收入提供增量來源，香港實現可持續(xù)發(fā)展，讓市民共享更多發(fā)展成果。

Addressing the fiscal deficit and seizing opportunities to promote transformation

【譯文】The SAR Government estimates that the fiscal deficit for the current year will exceed HK $100 billion. The Chief Executive, Mr John Lee, said the other day that the Government would adopt a two-pronged strategy of opening up new sources of income and cutting down on expenditure, with a view to stimulating the economy and increasing government revenue while minimising the impact on the public. In the face of the fiscal deficit, the Government should certainly streamline administrative procedures and enhance efficiency to save money. Additionally, it should make good use of the Central Government's policies to support Hong Kong, actively compete for enterprises, talents, capital and tourists, and continue to explore new economic growth points, so as to invest in the future to enhance competitiveness and lay a solid foundation for fiscal stability.

According to preliminary estimates, the Government's consolidated deficit for the 2024/2025 financial year is expected to reach approximately HK$100 billion, higher than the HK$48.1 billion projected in this year's budget. The Financial Secretary Paul Chan indicated confidence that hat the fiscal balance will be restored to a balanced position "probably within a few years." Chan analysed that there are three main reasons for the reduction in fiscal revenue, namely, a significant drop in land sales and land premium income due to the weak asset market, a drop in stamp duty revenue due to the shrinking property market, and a drop in corporate profits tax revenue due to the unfavourable business environment for enterprises. The first two reasons are in fact related to the sluggish property market. Land sales income has always been a major source of revenue for the Government, but this fiscal year, the expected income from land sales was HK$33 billion, while the actual income so far is only HK$3.7 billion, resulting in nearly HK$30 billion less revenue for the Government. Land sales income is closely related to the property market sentiment and is highly volatile. With the start of the interest rate reduction cycle and the continuous inflow of talents, the Hong Kong property market has stabilised and is expected to recover in the future, which will also boost land sales income. Therefore, the community should take a rational view of the current fiscal deficit and put our heads together to find a solution without worrying too much about it.

There are two major ways to tackle the deficit, namely,"opening up new sources of income and cutting down on expenditure". In the short term, cutting expenditure will yield quicker results. The Government has indicated that it will maintain the civil service establishment at the 2021 level, and further review other areas where spending can be reduced. Streamlining administrative procedures and enhancing the efficiency of vetting and approving applications will not only speed up social development, but also save the government's expenditure. Efforts should be intensified in this direction to increase the effectiveness of expenditure cuts.

The fundamental solution to resolving the fiscal deficit lies in generating revenue. Mr Lee emphasised that our country is Hong Kong's greatest opportunity and strongest backing. The sustained growth of the national economy and the introduction of a number of measures to benefit Hong Kong, including the resumption and expansion of the"multiple-entry permits" in Shenzhen last week, coupled with the commissioning of the airport's "three-runway" system, the opening of the Kai Tak Stadium next year, and the large number of mega-events and international conferences and meetings to be held in Hong Kong, will boost the economy and increase corporate and fiscal revenues.

In recent years, the Government has adopted various approaches to enhance the momentum of economic development, including continuing to compete for enterprises and talents. In the first half of this year, Invest Hong Kong assisted a total of 322 enterprises to set up or expanding their businesses in Hong Kong, bringing in a total investment of $38.2 billion; close to 240,000 applications have been approved under the various talent admission schemes, and a total of 160,000 talents have arrived in Hong Kong with their family members; the new Policy Address proposes to enhance the New Capital Investment Entrant Scheme to attract high-net-worth individuals to come to Hong Kong; and the HKSAR Government has been vigorously developing the family office sector, strengthening the financial market and wealth management services. These new quality enterprises and talents are working and developing their businesses in Hong Kong, providing incremental growth for the Hong Kong economy. The Government should step up its efforts in advancing this series of policy initiatives to increase fiscal revenue, so as to help reduce the fiscal deficit.

In the long run, Hong Kong needs to accelerate the transformation and upgrading of its economic structure, nurturing new growth drivers to ensure sustainable fiscal health. The construction of the Northern Metropolis and the development of innovation and technology industries are crucial for enhancing Hong Kong's core competitiveness. These efforts should not be slowed down due to a temporary fiscal deficit. On the contrary, we should adopt a long-term perspective, and the Government and the business sector should join hands to increase investment. Only then can Hong Kong's economy achieve sustained and healthy growth, providing additional sources of future fiscal revenue. This will enable Hong Kong to achieve sustainable development and allow its residents to share more in the benefits of growth.

● Tiffany