24 January 2019
The Honourable Paul Chan Mo-po, GBS, MH, JP
25/F, Central Government Offices
2 Tim Mei Avenue, Tamar
Dear Financial Secretary,
I am pleased to submit for your consideration the Hong Kong General Chamber of Commerce’s proposals for the Government’s forthcoming Budget.
As you penned in one of your blogs, 2019 appears to be shaping into a year fraught with risks and uncertainty. The emergence of “a series of unfortunate events” over the past twelve months, combined with the cumulative effects of rising sovereign debt levels, points to an increasingly bearish outlook for the global economy.
Whether a crisis is around the corner or years away, we should be taking active measures to enable us to weather any adverse consequences caused by a potential market downturn. In that regard, the considerable fiscal reserves that we enjoy should provide us with the confidence and capability to put in place coherent and compelling measures that help counter against calamitous conditions and at the same time enhance Hong Kong’s competitiveness.
We continue to stress the need for the Government to institute a proper Regulatory Impact Assessment regime as a tool to vet the efficacy and relevance of new and existing legislations. After all, regulations that fulfil their intended objectives can contribute immensely to ongoing efforts to promote Hong Kong’s comparative advantage and standing as an international city.
These and other proposals are developed in the attached submission, which we hope you will find helpful.
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