Commentary with new facts or clear explanations of cause and effect. Vague reflections and course advertisements are excluded.
Translation is not available yet. Showing the Traditional Chinese version.
財政司司長在網誌指，逾1200億元預算案紓困措施已三讀通過，一萬元現金發放計劃可望六月底登記、七月中收款。上季GDP按年收縮8.9%、三月失業率4.2%，百分百擔保中小企貸款已收超過2,500宗申請、涉及貸款額超過44億元。他認為暴力重臨與攬炒是香港經濟復蘇的最大障礙。
Why read this: 司長交代現金派發、百分百擔保貸款與保就業計劃的進度，並列出上季 GDP 收縮 8.9% 與三月失業率 4.2%，可核對復蘇的壓力所在。
Translation is not available yet. Showing the Traditional Chinese version.
財政司司長在網誌表示疫情初步受控，已十多日沒有新增本地個案，並把今年經濟預測大幅下修至負增長4%至7%，遠差過二月時的估算。預算案連同兩輪防疫抗疫基金合計推出約2900億元措施，其中一萬元現金預計六月底接受登記、七月中開始發放。
Why read this: 文章把本港今年經濟與1998年、2009年的衰退數據作比較，並列出一萬元現金的登記與發放時間，讀者可核對自己能否受惠。
The Financial Secretary said in his blog that the novel coronavirus pneumonia epidemic will deal a double blow to Hong Kong's economy, with greater pressure on the catering, retail, tourism and consumption sectors. Market forecasts for this year's economy range from 2% growth to a 4.1% contraction, with a median of zero growth. The authorities have extended school suspensions, restricted entry by individuals from Hubei and suspended individual visit scheme endorsements, while market trading and settlement in Hong Kong remain steady and orderly.
Why read this: The article sets out Hong Kong's epidemic prevention arrangements and economic situation, and lists market forecasts for this year's economy ranging from 2% growth to a 4.1% contraction, with a median of zero growth, allowing verification of the judgement on the economic impact of the epidemic.
Financial Secretary explained in his blog the considerations behind enacting the Prohibition on Face Covering Regulation, with the aim of deterring violent and unlawful acts, and stressed that Hong Kong will not impose foreign exchange controls and that funds can flow freely in and out. He listed foreign exchange reserves of over US$430 billion, fiscal reserves of over HK$1,140 billion, and the retail sales value in August plunging 23% year-on-year.
Why read this: The Secretary explains the reasons for enacting the Prohibition on Face Covering Regulation, and lists ratios of foreign exchange reserves, fiscal reserves and the banking system to address concerns over whether the free movement of funds will be restricted.
Translation is not available yet. Showing the Traditional Chinese version.
財政司司長在網誌指，本港經濟增長由去年首季約4.6%降至今年首季0.6%，是近十年最差的季度，短期展望難言樂觀。出口貨值連跌八個月，跌幅擴大至9%，零售貨量跌幅由1.6%擴至3.3%。政府本周將公布第二季GDP預先估計並中期覆檢增長預測，失業率或由2.8%回升。
Why read this: 網誌把首季0.6%的增長、出口連跌八個月和零售跌幅擴大並列，並點出失業率可能由2.8%回升的傳導路徑。
The Financial Secretary said in his blog that the Appropriation Bill 2019 has been passed by the Legislative Council after third reading, with various allowances estimated to be disbursed before the end of next month, benefiting about 1.5 million elderly or grassroots residents. Hong Kong's revised first-quarter economic growth was 0.6%, and the authorities will closely monitor the impact of China-US trade friction while stepping up explanation on the amendments to the fugitive offenders transfer ordinance.
Why read this: The blog lists the disbursement dates for various allowances under the Budget, along with the number of beneficiaries, while pointing out the slowdown in first-quarter economic growth and the variables arising from China-US trade friction.
Translation is not available yet. Showing the Traditional Chinese version.
財政司司長在網誌宣布在這一輪經濟預測覆檢維持今年3至4%的增長預測不變。本港第二季經濟按年增長3.5%，較首季4.6%放緩，但仍連續第七個季度高於過去十年平均2.7%的趨勢增長率。下半年主要不明朗因素為國際貿易磨擦及美國加息步伐。
Why read this: 文章對比首季4.6%與第二季3.5%的增速差異，並列出家庭負債佔GDP約七成、銀行資本充足率逾百分之十九等可核對數字。
Financial Secretary said in his blog that the HKD touched the 7.85 weak-side convertibility undertaking last Thursday, with the Hong Kong Monetary Authority intervening four times to buy about HK$9.66 billion, marking its first market intervention since the Linked Exchange Rate System was refined in 2005. He explained that the four-step process of capital outflows leading to a stable exchange rate is normal operation by design, and noted that the Hong Kong Monetary Authority holds about US$130 billion in assets, while banks' liquidity coverage ratio is close to 150%.
Why read this: The blog lists figures such as the amount absorbed by the Hong Kong Monetary Authority through market intervention and banks' liquidity coverage ratio, allowing readers to check whether the buffers supporting the Linked Exchange Rate System are sufficient.
Translation is not available yet. Showing the Traditional Chinese version.
財政司司長表示，美國擬對中國約600億美元貨物加徵關稅，貿易摩擦可能打擊香港經貿活動。他預期全年經濟增長可達預算案的3至4%，首兩個月出口按年增長10.7%。2017年內地經港轉口往美國的出口約2800億港元，佔整體貨物出口約7%。
Why read this: 文章列出美國已公布關稅只佔香港去年對美出口不足0.2%，並提供轉口貿易數字，方便讀者衡量摩擦對香港的實際影響。
Translation is not available yet. Showing the Traditional Chinese version.
財政司司長在網誌表示正編製2018/19年度財政預算案，將於下月28日公布，並訂下收入及開支計劃。他指本財政年度首八個月綜合盈餘達572億元，高於原全年預測的163億元；文中討論盈餘應如何在投資未來與短期紓緩之間取得平衡，重申《基本法》第一百零七條並非每年開支的限制，並以2003/04年度地價收入僅約50億元等例子說明保留財政儲備的重要。
Why read this: 網誌列出本財政年度盈餘與經常開支的具體數字，並交代上一份預算案的盈餘分配比例，可供讀者對照。
Translation is not available yet. Showing the Traditional Chinese version.
財政司司長在網誌提出容許同股不同權架構企業在港上市集資，金融領導委員會已認同，毋須另設創新板，只需在主板《上市規則》以專章處理。過去十年在港掛牌的新經濟行業公司市值僅佔港股總市值3%，遠低於納斯達克的59%及紐約證券交易所的44%。港交所將於本月公布諮詢結果，明年首季聯同證監會提出修訂《上市規則》建議。
Why read this: 文中列出新經濟行業佔港股市值的比例，可與納斯達克及紐交所的佔比對照，理解同股不同權爭議的背景。
Translation is not available yet. Showing the Traditional Chinese version.
財政司司長在網誌指，未來三至四年潛在一手私人住宅供應約98 000個單位，是2004年9月以來新高，包括約8 000個貨尾單位、61 000個建築中單位及可興建約29 000個單位的熟地項目。預計未來五年每年平均落成量約20 300個單位，較過去五年增約七成；2017年第一季置業負擔比率惡化至66.1%，他提醒市民留意供應與利率風險、量力而為。
Why read this: 網誌列出未來三至四年潛在一手供應98 000個單位的組成，並對照各類單位過往樓價升幅，方便讀者核對上車盤的供求與風險。
Translation is not available yet. Showing the Traditional Chinese version.
美國聯儲局加息四分之一厘，財政司司長在網誌指本港加息只是幾時而非會否的問題，樓市面對的風險將逐步加大。他列出未來三至四年一手私人住宅潛在供應量達94000個、去年第四季市民負擔比率惡化至約63%，並表示現階段看不到「減辣」或「撤招」的空間。
Why read this: 網誌列出供應量、負擔比率與利率預期等可核對數字，並交代需求管理措施的取向，有助判斷樓市風險。