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Thursday, February 25, 2016, 13:52

Social welfare spend doubled in a decade: Tsang

By chinadailyasia.com

HONG KONG - Financial Secretary John Tsang told local radio an ambitious ten-year housing programme will require a considerable sum adding provisional requirements are currently being developed by the Hong Kong Monetary Authority.

Financial Secretary Tsang said the housing program will largely benefit residents in need.

He added spending on social welfare doubled during the past decade and now accounts for 19 percent of total expenditures.

The financial secretary said the narrow tax base in Hong Kong has created sharp fluctuations in government revenue but added the existing environment also generated more job opportunities by attracting new companies to Hong Kong.

Tsang said it’s difficult to strike a proper balance among various competing interests in developing programs.

The financial secretary reiterated Hong Kong had rich opportunities for further cinematic development since Guangdong province, with a population of over 100 million, now had cinema box office receipts exceeding more than HK$4 billion.

The Development Bureau will scrutinize the more than 300 major projects and proposals with a view to closely control project costs over the next three years, Tsang said.

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