Demands on the purse: the budget comes under political pressures

Article Abstract:

Hong Kong's budget for FY 1992 has been affected by political undertones. Financial Sec Hamish Macleod submitted a budget that ordinarily would have been praised for its conservativeness and suitability for Hong Kong's economic development. However, the Legislative Council and the Cooperative Resource Centre demanded more tax breaks for middle income employees. This demand was opposed by Lu Ping of the Hongkong and Macau Affairs Office of China. Lu Ping wants to maintain the fiscal reserve forecasted at HK$71.6 billion, and to impose additional taxes if the reserves are in danger of reduction.

Political activity, Budget, Budgeting, Budgets, Political aspects, Public finance, Tax policy, Lu Ping

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Crumbs for the poor: wage earners fall behind in wealth distribution

Article Abstract:

Research conducted by the 'Far East Economic Review' into Hongkong's income distribution has determined that increases in per capita GDP have benefited mostly capitalists and have resulted in asset accumulation by the government. For the period between 1982-83 up to 1991, real salaries increased by 65%, while real wages increased by 14%. Increases in real income have, however, been proportionately lesser than increases in property valuation and by increases of capital and profits over income and wages.

Economic aspects, Wages, Wages and salaries, Income distribution

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Futures furore

Article Abstract:

There are allegations that the Hongkong government improperly intervened in real estate magnate Robert Ng's speculation fraud case. In 1987, Ng's brokerages were unable to pay for futures contracts made by shell companies allegedly connected with him. The government spent HK$1 billion to support the futures guarantee corporation. Ng was about to be investigated but a deal was struck with the authorities to pay back the bail-out funds within eight years but at zero interest.

Speculation, Ethical aspects, Crime, Fraud investigation

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