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Monday, February 28, 2011
News in LiberaI Studies E02
Text: Anvil Ong
Go to www.student.thestandardcom.hk and
http://edu.singtao.com to listen to the news article.
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Read & Listen
9RFDEXODU\
injection (n)
waive (v)
tenement (n)
slam (v)
responsive (adj)
alleviate (v)
F
INANCIAL Secretary John Tsang Chun-wah
() said in his Iourth budget speech
that the government will be spending HK$44
billion in one-oII relieI measures and tax
concessions on the back oI a $71 billion surplus and
amid soaring ination.
The expenditure includes an injection oI $6,000 into
the MPF (Mandatory Provident Fund) savings oI all
workers. Other than an increase in tax allowances Ior
children and dependent parents, the measures include
giving 2.6 million households a subsidy oI $1,800 in
electricity bills.
Property rates will be waived Ior the 2011-12 Iiscal
year, capped at $1,500 per tenement per quarter. Tsang
said 82 percent oI properties will be subject to no rates in
the year. The government will also spend $1.9 billion to
pay two months` rent Ior public housing tenants.
Recipients oI Comprehensive Social Security
Assistance, old-age and disability allowances will each
receive an extra one month oI beneIits.
'I have placed much emphasis on helping our citizens
in need to cope with inationary pressure while avoiding
any excessive stimulating eIIect on overall consumption,
Tsang said on February 23.
Critics, however, slammed the government Ior relying
on habitual giveaways to please the public and Ior lacking
a long-term vision. Since 2007, it has proposed a rates
waiver in every budget while a rent handout Ior public
housing tenants had also been expected. An MPF injection
and an electricity subsidy also Ieatured in the 2008 budget.
HK`s 2011-12 Budget delivered
$44 billion doled out in relief and tax concessions
Chung Kim-wah (), deputy director oI Centre
Ior Social Policy Studies () said, he
Iound the relieI measures disappointing and the beneIits
oI the MPF injection Ior ordinary workers too remote.
Economic Synergy () legislator JeIIrey Lam
Kin-Iung () said the measures Iailed to improve
the SAR`s competitiveness.
ChieI Executive Donald Tsang Yam-kuen ()
said the 2011-12 Budget is a thoughtIul and responsive
one, with targeted initiatives to alleviate the impact oI
rising inIlation. He said higher-than-expected revenues
allow 'us to return wealth to the people through a
Wcrds |n Ihe news
Porsonol Dovolopmonl & lnlorporsonol Rolollonshlps
Enorgy, lochnology & lho Envlronmonl
Clobollsollon
Modorn Chlno
Publlc Hoollh
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Liberal Studies
in News
re||eI mecsure |n ph|:
Icx ccncess|cn |n ph|:
surp|us |n|:
prcperIy rcIes |n ph|:
|ncI|cncry pressure |n ph|:
Prosonllng hls 2011-12 Budgol, lho Flnonclol Socrolory
sold ho hod plocod much omphosls on holplng lho clllzons
ln nood lo copo wllh lho prossuro broughl oboul by
lnollon. lho govornmonl hos o surplus ol $/1 bllllon ond
wlll bo spondlng $44 bllllon ln ono-oll rollol moosuros.
F|ncnc|c| SecreIcry 1chn scng Chun-wch |n h|s budgeI speech cn Februcry 23 sc|d ccmbcI|ng |ncI|cn, sIcb|||s|ng Ihe prcperIy
mcrkeI cnd |nvesI|ng |n Ihe IuIure cre Ihe key e|emenIs cI Ihe 2011-12 8udgeI. |S|ng cc 0c||y|
Key |dec
number oI one-oII measures. He urged the public and
legislators to give it their Iull support.
(Adapted from an article published in 7KH
6WDQGDUG on February 24, 2011)