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HONG KONG : Hong Kong leader Donald Tsang will be making his annual policy address on Wednesday. He is expected to devote a large portion of his speech to the global financial crisis.
But no giveaways are expected this time around, especially after a US$1.4 billion relief package in June. The government is also facing a fiscal deficit.
Hong Kong residents want to hear more about the economy, jobs, healthcare and social welfare - with politics taking a backstage - according to an opinion poll conducted in the lead-up to Mr Tsang's policy address.
The chief executive's address outlines his administration's direction for the year ahead.
One resident commented: "(I would like to see a) focus on the economy, livelihood but I think Donald Tsang is doing a good job, he should not be criticised too much."
Another resident said: "There is a lot of uncertainty, no one knows (what) interest rates are going to be like, what exchange rates are going to be like, what property values are going to be like, what the stock markets are going to be like."
Mr Tsang is expected to tell Hong Kong residents to brace themselves for lean times and at the same time try to boost public confidence.
The economy should grow 4 per cent this year, narrowly missing going into recession. But all bets are off next year, should the financial turmoil deepen.
Business leaders are calling on the government to take more decisive action to shore up investor confidence.
Andrew Brandler, chairman, Hong Kong General Chamber of Commerce, said: "We (are) facing a once-in-a-lifetime financial turmoil. Let us not take any risks with that, even if it means the government breaking a few principles and digging into its pockets to maintain stability. It is a small price to pay."
This includes raising the protection limit on bank savings - making sure that small and medium-sized businesses are able to borrow - and making a commitment to broaden the city's tax base.
In recent days, the government has come out to say that it stands ready to use its US$180 billion war-chest in foreign reserves to support the financial system, if necessary. It also does not rule out implementing more market measures to ensure stability.
Mr Tsang's policy address is also likely to focus on the extension of 10 major infrastructure projects announced last year, and the way forward on the controversial introduction of minimum wage in the territory. - CNA/ms
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