Ren Zhigang blog to re-Lin Zheng water

Former director of the Hong Kong Monetary Authority Ren Zhigang joined the Executive Council, became the chief Lin Zhengyue’s “four pillars of the financial”, his absence of five years of blog yesterday to reproduce the rivers and lakes, even behind the government can increase spending to stimulate the economy, apparently Lin Zheng’s water Open budget.

Mrs Lam’s first policy address was announced in October. She has already proposed a new philosophy of finance at the time of her election to the Chief Executive. She said: “Will the Government have a surplus every year and whether it can invest more?” She criticized that society had The fiscal deficit is scared that Hong Kong has more than $ 9 trillion in fiscal reserves and should devote more resources to society. But she also mentioned that in accordance with Article 107 of the Basic Law, we should strive to balance our balance of payments with the growth rate of GDP, but the “degree of compliance” can be explored.

Deficit budget investment to improve productivity in the future

As Lin’s financial think tank, Ren Zhigang yesterday in his blog “point of view”, strongly praised Lin Zheng “investment in the future” direction, and about how to correctly understand the basic law 107, that this should not become a government can not increase The restraint of expenses.

Ren Zhigang speak the most frankly in the text, that is, over the past 10 years, the government has taken a policy of miser, leading to a large number of surpluses, dragging the economy hind legs. Implied meaning, Lin Zheng should break this policy, greatly increase spending to develop the economy.

What is the direction of spending? Mr Yip has pointed out that the Basic Law does not prohibit the Government from handling the economic structure of Hong Kong in a timely manner. For example, the budget deficit will be used to invest in Hong Kong’s future, increase productivity and bring economic growth and government revenue to a new level so that To the future fiscal balance.

Lin Zheng agreed with Chen Maobo also known as the use of surplus

For some people or questioned, is Hong Kong as a highly export-oriented economy, is there a positive fiscal policy? Mr Yip believes that through the expansion of the budget, to speed up economic growth, can give priority to a higher multiplier effect and enhance the productivity of the project.

Far in Singapore to visit the forest Zhengyue E, immediately agreed with Ren Zhigang’s statement. In Hong Kong, the Financial Secretary, Mr Timothy Chan, also responded that in the Budget speech it was stated that Article 107 of the Basic Law should not be an annual curse of the income and expenditure, and that the Government would make use of the surplus, Invest in the future.

It is foreseeable that Lin Zheng’s policy address in October and the Budget for February next year will be expected to be open to the future.