Budget 2016: Spending the surplus #6 – Kenneth Leung (梁繼昌)

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What’s an FS to do with $100 billion spare cash? LegCo members weigh in on priorities for the surplus, whatever it is. Today: Kenneth Leung.


Kenneth Leung (梁繼昌) – Professional Commons; FC – Accountancy

In my opinion, there aren’t many new points in the Policy Address that worth repeating in the Budget. So far, we still don’t know what exactly the ‘One Belt, One Road’ strategy means. If it is about strengthening economic and cultural ties with our neighbouring countries, then it is something we should do anyway, even without the so-called Belt-and-Road framework.

I do think investing in the innovation and technology sector is necessary. The idea of Hong Kong as a fashion hub and a WiFi city, among others, deserves recognition, so does the harbourfront renovation project. But these proposals have been around for years and I have yet to see any concrete or credible ways to implement them. For example, how do we relocate high-tech firms to Hong Kong? Why does it have to be New World Development that manages the extension of the Avenue of Stars? Therefore, my believe is that the Financial Secretary should spend the surplus on measures that will enhance Hong Kong’s economic competitiveness in the long run rather than the one-off giveaways. That being said, I doubt if our new Secretary for Innovation and Technology Nicholas Yang is competent enough to address the questions [on inno-tech] and achieve the goals – even though he had met with Steve Jobs.