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Budget 2024 Key Takeaways: Careful balance of revenue and deficit to continue

  • The Young Reporter
  • By: AU YEUNG Jim、AO Wei Ying VinciEdited by: Juncong SHUAI
  • 2024-02-28

Hong Kong’s Financial Secretary Paul Chan Mo-po delivered the 2024-2025 Budget speech on Wednesday, announcing policies to strive for high-quality development while sustaining a solid economy. Top the list is the cancellations of property cooling measures, with Special Stamp Duty, Buyers’ Stamp Duty and New Residential Stamp Duty scrapped with immediate effect. For the coming fiscal year, the total government expenditure will increase by about 6.7% to HK$776.9 billion, while the total government revenue is estimated to be HK$633 billion. Chan expects that there will be a deficit of HK$48.1 billion for the year, and fiscal reserves will decrease to HK$685.1 billion. Here are the key takeaways of this year’s budget plan.  

Health & Environment

Budget 2024: Monthly fireworks may have limited effect on tourism but cause air pollution

Fireworks will be set off every month over Victoria Harbour in the coming year along with drone displays to attract visitors, Financial Secretary Paul Chan Mo-po announced in today’s budget speech.  Chan said last year's fireworks displayed along the waterfront in Victoria Harbour, Wan Chai and West Kowloon were all well received. "We will make full use of these valuable resources to provide a more engaging and diverse experience for the public and visitors,” he said. "Regular events are important to tourism," said Professor Chong Tai-leung, 55, executive director of Chinese University’s Lau Chor Tak Institute of Global Economics and Finance. "Monthly fireworks displays are a great way to attract foreign visitors from far and wide." “There are obviously more people visiting Hong Kong, especially on the second day of the Lunar New Year when people gather at Victoria Harbor to admire the fireworks,” said Peter Lo, 62, an electrical engineer, “it almost felt like the traffic flow before the pandemic.” But Lo does not believe that Hong Kong's tourism industry will bring sustained appeal. "There are only a few interesting attractions in Hong Kong, the fireworks won’t attract tourists for a second time."  "If it happens every month, I can choose a time that suits me better and avoid the severe rush during the New Year," said Cao Kailuo, 21, a mainland college student who plans to visit Hong Kong during his vacation. Sara Leung, chair of the Hong Kong Tourism Industry Employees General Union, told RTHK that she is not optimistic about fireworks and drone shows because many nearby areas are hosting similar events and visitors will lose the novelty.  "In fact, the government doesn't need to spend a lot of money on fireworks displays, they usually get sponsors to host them," Chong said. "For example, last year's …

Society

Wong Tai Sin Lantern Festival Fun Fair returns after four-year hiatus

  • The Young Reporter
  • By: LI Sin Tung、MAO AnqiEdited by: James Ezekiel Kalaw MODESTO
  • 2024-02-23

The first day of the Wong Tai Sin Lantern Festival Fun Fair has resumed after a four-year hiatus due to the pandemic. Buzzing with noise and a lively atmosphere, the highlight of day one was the return of crowds of visitors at the night-time event. Visitors immersed themselves in the festivities, taking pictures and eating snacks bought from the stall. According to the Wong Tai Sin District Council, around 50 exhibitors participated in the fair, including food vendors, craft stalls and decoration stands. The Wong Tai Sin Lantern Festival Fun Fair is one of the events under Night Vibes Hong Kong, a series of projects using night markets as a means to promote the post-pandemic economy by the government. The Fair will be held from Feb. 23 to 25.

Society

E-commerce revives Asia’s largest flower market from poor Spring Festival sales

  Dounan Flower Market in Kunming, Yunnan, which covers 74 acres, is Asia's largest cut-flower market and a major supplier of flowers in China. From here, 80% of the flowers grown in China are traded and exported to over 50 countries and regions.  But this year, traders at Dounan Flower Market were unhappy that sales during Lunar New Year were worse than before the epidemic. Many are hoping that the resumption of e-trading on Feb.15 may be a turnaround. Qin Cuiyun, 54, earned 100 yuan after standing in the cold wind for six hours. Her flower baskets sold for around 20 yuan, which meant she only made two to three yuan on each one. “Flowers always sell better during LunarNew Year, but the business this year is worse than before,” said Qin. “After the pandemic, more people came, but fewer people purchased. People are spending less nowadays because of  the financial situation and the rise of e-commerce, ”she added. Zhang Junzheng, 48, the largest tulip and lily retailer in Dounan, said the sales during the Lunar New Year holiday this year have been much worse than before the epidemic, and he had a loss this year. “It's hard to sell flowers this year even though they are cheap because there are more retailers but fewer customers this year,” said Zhang. Zhang has been working in flower retail in Dounan since 2000 and has been growing tulips for more than 10 years. Faced with competition from e-commerce, Zhang opened an online shop but the prices there are less competitive. “The online platform allows poor quality tulip varieties to sell well through vigorous low-price promotions, which makes it more difficult for me to sell high-quality products”, he said. Fu Wuyin, 63, has been a vendor at Dounan market for 26 years. His …

Society

Annual Lunar New Year Fireworks lights up Victoria Harbour again

  Festive fireworks display returned to Victoria Harbour last night for the first time in five years following cancellations because of  social unrest and the COVID-19 pandemic.  More than 338,000 spectators, including tourists from mainland China and overseas lined both sides of the harbor to enjoy the festivity. The display was divided into eight scenes on the theme of "Prosperity in the Year of the Dragon".                                      

Society

Sales at Lunar New Year Fairs fail to match pre-pandemic level

  Hong Kong’s biggest Lunar New Year's Fair at Victoria Park is selling hot food and dry goods again after four years of restrictions, but some vendors said sales are not as good as they were before the pandemic. The fairs launched on Sunday at 15 locations across the city, such as Kwai Chung and Kwun Tong, are surrounded by crowds. Candice Li Man-shuen, a vendor selling dog accessories who joined the fair several years before the pandemic, said the atmosphere was less lively than she had expected. “People are here today mainly because it is Sunday and there are other nearby events, but they didn’t come here intentionally,” Li added. Wong Kin-fan, a vendor from the mochi stall who has had a stall at the fair for several years, had sold half of her mochi by the afternoon of the first day. That brought her roughly HK$10,000 in sales revenue by the afternoon of the first day.   “Sales aren’t what they were before 2020,” Wong said. “However, the rental cost of the stall is correspondingly low. My boss decided to return to this fair again because it is cheaper.” Shirley Lau, 51, a local retailer visiting the fair every year, said there were fewer fast food stalls than before COVID-19. According to the Food and Environmental Hygiene Department, the size of the fast food stalls in 2019 was 56.48 square metres, compared to 40 square metres this year at Victoria Park. Liu Wing-ting, currently working in the hospitality industry, said she felt the variety of goods and food at this fair was less compared to last time when there were fast food stalls. Liu has visited Lunar New Year fairs many times in other districts, but it’s her first time at Victoria Park. She thought people weren’t buying much …

People

Diverse Sailors Make Splashes at Hong Kong Race Week

The 2024 Hong Kong Race Week drew to a close on Sunday, ending six days of sailing  between local and international athletes, including competitors from mainland China as young as 7 years old. Hong Kong Race Week, the city’s premier international regatta for dinghies and invited classes,  was suspended for three years since 2019 and resumed for the first time last year.  The scale of this year's event continues to grow from last year. According to the Royal Hong Kong Yacht Club, this year’s race attracted over 270 sailors from 10 countries and regions, compared with 236 participants last year.  Ten classes including 29er, ILCA 4, ILGA 6, Optimist Fleet competed in five race areas including Repulse Bay, Deep Water Bay, Stanley, Tai Tam and Lo Chau.  Singaporean sailor Isaac Goh, who clinched the silver medal in the Boys ILCA 4 Single Handed event at the Asian Games, raced against Hong Kong sailors Stephanie Norton and Nancy Highfield in ILCA 6 for the first time. “Compared with the first time I competed in Hong Kong I was more at ease,” said Goh. “I do have confidence, and the goal I set for myself is to maintain the position I am in now. ” Goh ranked second in this Class, only after Stephanie Norton, the silver medal winner at the Asian Games of ILCA 6. “For me, this (event) was more like training,” said Norton. “But I do like to win, and the Singapore team is really strong.”   Hong Kong Race Week this year incorporates the second 2024 29er Asian Championship as well. Japanese players, Yuto Tsutsumi and Taishi Goto, who were the champion 29er sailors in Japan and ranked third in the 29er Class, were the only national team leading the board besides Hong Kong teams. “We don’t have many …

People

Lionel Messi No-Show angers Hong Kong

  • By: Juncong SHUAIEdited by: Kin Hou POON
  • 2024-02-05

Lionel Messi's much-anticipated appearance at Hong Kong Stadium ended up in disappointment when the Argentinian sat out Inter Miami’s 4-1 victory over a Hong Kong XI on Sunday because of a hamstring injury.  Two minutes before kick off at 4:10 pm, Inter Miami's announced the list of players, which did not include Lionel Messi was not included.  Spectators booed and chanted "refund" when Messi had not warmed up at around the 60-minute mark.  The organizer of the game, Tatler XFest Hong Kong, said in a statement today that they “did not have any information about the non–participation of Messi prior to kickoff”. A Hong Kong government spokesman said they too, like the fans, were “extremely disappointed about the organizer’s arrangement”. The post implied this may lead to a reduction in the amount of funding, including a matching grant of 15 million and a grant for the venue of 1 million by The Major Sports Events Committee, as a result of Messi not playing the match.  According to Yeung Yun-hung, the Secretary of Culture, the organizer confirmed that Messi will play at least 45 minutes in the game.  “The authorities hoped to take remedial measures, including asking Messi to give a personal account or accepting the trophy on behalf of the team after the game, which ultimately did not happen,” said Yeung. Messi, the World Cup and eight time Ballon d'Or winner, just finished another friendly game in Saudi Arabia, but played for only 7 minutes.  Messi’s fans, some of them in the Argentina blue and white shirt and others in the pink Inter Miami top, waited outside the team hotel at Ocean Park, hoping to catch a glimpse of this 36 - year - old football star.  Before the match in Hong Kong, the coach of Inter Miami said Messi …

Culture & Leisure

Board games help build post-pandemic friendships

Secret Hitler, Arkham Horror, Terraforming Mars, Tumbling Monkeys—just some of the board games in the bright paper boxes at  808 Games. In one corner of the café, four drunk patrons squabbled over tokens the size of their fingernails. In another corner, three women were engrossed in their first session of ROOT, a strategy game about animals trying to rule the forest. The players are strangers to each other, but they have played together online every week for a month. A player who goes by Ms X_X on the social media platform X, held a paper pamphlet twice the size of her hand while she mulled over the colourful tokens. Her two fellow players pored over the rules book like a treasure map. Chris Lo, the owner of 808 Games and a veteran of the board game industry for over 11 years, approached them for assistance. “Has my turn ended?”  X_X asked. “Not yet. You still have to do a night action,” Lo replied. This is a typical afternoon at 808 Games. a board game café in Mong Kok which rents out games to its customers for an hourly fee. It has an assortment of games ranging from UNO to Cthulhu: Death May Die, a lengthy campaign board game which includes a 60cm plastic statue of Cthulhu, a mythical creature in the Lovecraft horror. The cluttered café has been in operation since 2010, making it the oldest board game café in Hong Kong. Since then, other cafés such as Wheat and Wood, a casual café centered around socializing, or Jolly Thinkers, which has its own Board Game educator programme, have opened in Hong Kong There are now more than ten board game cafés in the city. Since 2010, 808 Games has gone through two owners, one renovation and a pandemic. Lo, …

Society

Graffiti artists risk breaking National Security Law

A graffiti of three figures wearing yellow helmets has been outside Glorious Fast Food restaurant at Sheung Wan since 1998.  It’s the work of a visiting French graffiti artist, Catherine Grossrieder.  The tiny eatery on Ladder Street belongs to Mrs. Cheng’s family.  “She said the outside of our restaurant was too plain, so she wanted to draw something on the sliding door and the wall,” Cheng said. “There happened to be a group of construction workers sitting on the steps and eating, which inspired her,” she explained. But in 2019, the yellow helmet became a symbol of  protest. The Home Affairs Department received a bunch of complaints about the artwork. So last month, the Chengs painted over the graffiti. “The office warned us that there was a risk that the images could be perceived as violating the National Security Law,” said Cheng. “But they didn’t specify which articles might be breached.” Graffitis are common on the streets of Hong Kong. But the Summary Offences Ordinance doesn’t allow writing upon, soiling, defacing or marking any building without the owner’s consent. The calligraphy graffiti from the late Tsang Tsou-choi, advertising  “the king of plumbers” can still be spotted in many places, ranging from lamposts, utility boxes, pillars, pavements, building walls to occasionally cars. “Graffiti is a good way to express emotions and appeal because it is anonymous,” said Mr Wee, a Hong Kong graffiti artist who has more than 6000 followers on Instagram. “Some graffiti is written with the expectation that it will be scrubbed.” The Central and Western District Office under the Home Affairs Department has removed about 150 graffiti, especially those with explicit political slogans, since the social movement in Hong Kong three years ago. “We can use fewer and fewer words and images, and more and more works are …