See the following stories at: http://www.scmp.com/Special/Budget1999/
$13b Cyberport a hi-tech hub
Donald and Mickey: in his fourth budget Donald Tsang announces a 10 per cent tax rebate, plans for a Hong Kong Disneyland and an ambitious cyberport.
A hi-tech multimedia hub costing $13 billion will be set up in Pokfulam to meet the challenges of the 21st century. Full Story
Privatisation
MTRC stake signals further sale of assets
The Mass Transit Railway Corporation is to be partially privatised, kicking off the possible sale of hundreds of billions worth of government-owned assets.
Massive revamp of services proposed
More government services are to be privatised under a massive revamp to achieve better value for money, Mr Tsang said.
Government Portfolio
$100b share sell-off
The Government is to sell more than $100 billion worth of shares held in the portfolio amassed during its controversial attempt to fend off last year's speculative attack on the dollar.
Transport
Motorists to pay double for tunnel
Motorists will pay more for using tunnels, parking and traffic offences.
Lack of cash could stall traffic research project
Inadequate funding could curb a research project aimed at easing road congestion using a hi-tech traffic lights system, a civil engineering expert has warned.
Civil Service
Unions warn of fallout from pay cut fears
Civil service unions accepted the pay freeze, but warned of bitter disputes after the Financial Secretary left open the option of a wage cut.
$818m already saved in productivity programme
The Financial Secretary announced early savings of $818 million under the Enhanced Productivity Programme.
Financial Services
Plan to list markets confirmed
A radical plan to demutualise the stock and futures exchanges, merge them with the three clearing houses and list them as a single entity on the stock market has been confirmed as part of the drive to reform the financial services industry.
Tax
$8.5b rebate 'no help to poor'
The tax sweetener will not help poverty-stricken families, a veteran social activist has warned.
Deduction 'unlikely to boost spending'
Members of the accounting industry expressed serious doubt over the effectiveness of the 10 per cent tax rebate as a means of boosting consumer confidence.
Businesses warned not to expect miracles
Shops and restaurants have been warned not to expect a surge in business despite the move to put more cash into taxpayers' pockets.
Tourism
Ocean Park expansion aims to draw 1m more visitors
More than one million extra visitors a year are expected to pass through Ocean Park's gates to see new attractions, estimated to cost $885 million, that will replace Waterworld.
Visitors in transit to escape fee
Transit tourists stopping off for less than a day will no longer have to pay the $50 departure tax in a move aimed at getting them out of the airport and into shops.
Isolated bay celebrates as Disney makes waves
Penny's Bay was an isolated spot beside an abandoned village. Then came yesterday's news that it could be home to the new Hong Kong Disneyland.
Industry cheers, greens groan as Mickey steps in
A Disney theme park would lead to resurrection of the battered tourism industry, key players said.
Stamp Duty
Help for home buyers on low incomes
Mr Tsang surprised the property market by raising stamp duty rates to bring in an extra $5.9 billion, according to medium-range forecasts.
Duty
Tobacco rate left as is
Tobacco duty will remain unchanged to avoid encouraging smugglers, Mr Tsang says.
Debt
Experts welcome tax break action
Capital market experts welcomed the move to reduce the minimum denomination of debt instruments qualifying for tax concessions.
Shortfalls of $42.1b forecast before a recovery
A deficit of $42.1 billion is forecast for the next two financial years before finances regain their health in 2001-02.
Rates
Compensation for cut in question
The two municipal councils asked last night how the Financial Secretary will compensate them for income lost due to the rate cut.
Economy
Growth predicted after year of decline
Hong Kong will return to positive economic growth this year with a modest turnaround in gross domestic product forecast by the Government, Financial Secretary Donald Tsang Yam-kuen said yesterday.
Labour
Jobless ignored, lament unions
Trade unions condemned the lack of solutions to unemployment.
Work promises may be too late
For construction worker Mok Sing, 52, promises of job opportunities in the infrastructure sector and Disney theme park project may have come too late.
Deficit
Revised $32b figure rivals losses after land sale suspensions
The revised deficit of $32.3 billion for the current year almost equals the loss of revenue from the suspension of land sales.
Welfare
Home-help services for elderly privatised
Social services for the needy are to be contracted out to private firms.
Insurance
Exemption aimed at boosting dollar, says expert
A tax break extended to exempt life insurance payments in the SAR from estate duty was apparently designed to bolster the currency, an industry representative said.
Reaction
Lawmakers hand out brickbats as well as bouquets
Some lawmakers said the Budget gave "zero-support" to the grassroots, but others praised it.
Long-term issues ignored, warns academic
Academics generally welcomed the Budget framework, but have reservations about the SAR's ability to formulate long-term measures.
Freeze seen as understandable
Civil servants said the pay freeze would not affect their personal circumstances or morale, but said wage cuts would have repercussions on the economy.
Donald's Day
Mass appeal to a higher Being
If it wasn't exactly a meeting of political minds, there was a meeting of souls at dawn Mass.
From The Gallery
Wily populist chases the blues away
When the loyal wife takes her accustomed seat in Legco's public gallery her outfit usually echoes the shade of the Budget cover. |
