Long-term gains worthwhile, Paul Chan says as Hongkongers slam lack of budget sweeteners

Hong Kong’s financial chief has defended his latest budget against public criticism over the lack of sweeteners, stressing that the government must balance its finances with long-term investments for the city’s benefit.Financial Secretary Paul Chan Mo-po said on Thursday he would brief credit-rating agencies and the International Monetary Fund next month on his budget, including the proposed HK$150 billion (US$19.2 billion) transfer from the Exchange Fund to support infrastructure projects.His remarks at a radio forum followed Wednesday’s budget announcement to transfer investment income from the fund, which has raised concerns about the city’s financial stability.During the forum, callers complained that the budget offered too little support for the general public.“I am disappointed that giving out money or consumption vouchers has fallen off the radar. You hold a consultation every year, but you never listen … the budget consultation is meaningless,” a resident surnamed Tang said.Chan explained that the government had used different approaches to put more money back into people’s pockets, including increasing tax allowances, offering tax reductions and organising more events to lure tourists.