【原文】摘錄自2月28日香港《文匯報(bào)》：長(zhǎng)期以來(lái)，賣地收入是政府庫(kù)房的主要來(lái)源，例如2020/2021年賣地收入佔(zhàn)政府財(cái)政20.6％。以往地產(chǎn)市道好景，每年賣地收入輕易過(guò)千億元，但地價(jià)租金高企，亦增加市民生活壓力，更窒礙產(chǎn)業(yè)發(fā)展，擴(kuò)大貧富差距，加劇深層次矛盾。

近年地產(chǎn)市道疲軟，2023/2024年度及2024/2025年度政府賣地收入僅為二百億元左右，導(dǎo)致整體收入大降，政府只能嚴(yán)控開(kāi)支，例如今年預(yù)算案提出「強(qiáng)化版」的財(cái)政整合計(jì)劃，難免影響政府服務(wù)，更引發(fā)社會(huì)對(duì)香港財(cái)政穩(wěn)健的關(guān)注。

事實(shí)反映，土地市場(chǎng)飄忽，靠高地價(jià)支撐運(yùn)作的模式難以為繼。當(dāng)今世界以創(chuàng)新驅(qū)動(dòng)發(fā)展，香港是時(shí)候加快進(jìn)入經(jīng)濟(jì)轉(zhuǎn)型的新賽道。

香港文匯報(bào)推出的「香港經(jīng)濟(jì)結(jié)構(gòu)調(diào)整探索」系列評(píng)論，就有不少專家學(xué)者明確指出，過(guò)去香港經(jīng)濟(jì)高度依賴金融和房地產(chǎn)等服務(wù)業(yè)，這種單一發(fā)展模式在當(dāng)前全球經(jīng)濟(jì)格局變化和區(qū)域競(jìng)爭(zhēng)加劇的背景下面臨較大壓力。

為了應(yīng)對(duì)這些挑戰(zhàn)，香港必須破除路徑依賴，加快產(chǎn)業(yè)結(jié)構(gòu)轉(zhuǎn)型升級(jí)，推動(dòng)經(jīng)濟(jì)多元化和高質(zhì)量發(fā)展。

香港正承受財(cái)赤壓力， 一向被視為香港發(fā)展參照對(duì)象的新加坡，庫(kù)房卻「水浸」。 新加坡2024財(cái)政年稅收預(yù)計(jì)實(shí)現(xiàn)64億新加坡元（約371億港元）的盈餘。新加坡總理兼財(cái)政部長(zhǎng)黃循財(cái)早前指，2024財(cái)年的盈餘遠(yuǎn)高於最初預(yù)計(jì)的8億新加坡元，並成功扭轉(zhuǎn)了2023財(cái)年26億新加坡元的赤字。盈餘主要來(lái)自企業(yè)利得稅過(guò)去兩年的顯著增長(zhǎng)，該項(xiàng)稅收從3.2%增至2024財(cái)年預(yù)計(jì)的4.1%，並超越了「國(guó)家儲(chǔ)備淨(jìng)投資回報(bào)貢獻(xiàn)」（NIRC），成為政府經(jīng)常收入的最大來(lái)源。

新加坡企業(yè)利得稅增長(zhǎng)「超出預(yù)期」，主要是為應(yīng)對(duì)日益增加的全球政經(jīng)不確定性，新加坡政府將國(guó)家定位為創(chuàng)新和研發(fā)中心，積極支持本地企業(yè)實(shí)現(xiàn)此目標(biāo)。

2021年，新加坡政府宣布為期十年的「製造業(yè)2030」願(yuàn)景計(jì)劃，旨在促進(jìn)新加坡製造業(yè)增長(zhǎng)達(dá)50%，並維持20%的GDP份額。即使在疫情期間，新加坡的生物醫(yī)藥製造、電子和精密工程行業(yè)、半導(dǎo)體等先進(jìn)製造業(yè)仍穩(wěn)步發(fā)展。

新加坡主動(dòng)調(diào)整經(jīng)濟(jì)結(jié)構(gòu)，增強(qiáng)應(yīng)對(duì)挑戰(zhàn)的抗逆力，令庫(kù)房更殷實(shí)。

香港近年也認(rèn)識(shí)到加快經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型的必要和迫切。 2022年，特區(qū)政府發(fā)表《香港創(chuàng)新科技發(fā)展藍(lán)圖》，推動(dòng)實(shí)現(xiàn)香港「新型工業(yè)化」；去年推出100億元「新型工業(yè)加速計(jì)劃」，日前計(jì)劃下首個(gè)項(xiàng)目已啟動(dòng)。

此次預(yù)算案圍繞強(qiáng)化經(jīng)濟(jì)新動(dòng)能推出一系列政策措施，包括提出將預(yù)留10億元成立香港人工智能（AI）研發(fā)院，將透過(guò)100億元的「創(chuàng)科產(chǎn)業(yè)引導(dǎo)基金」加強(qiáng)引導(dǎo)市場(chǎng)投資新興產(chǎn)業(yè)，以及在生命健康、虛擬資產(chǎn)、數(shù)碼債券、綠色科技、低空經(jīng)濟(jì)等創(chuàng)科領(lǐng)域都有著墨；特區(qū)政府亦計(jì)劃發(fā)債投資北部都會(huì)區(qū)等重大基建工程。

中央大力支持香港振興經(jīng)濟(jì)，特區(qū)政府展現(xiàn)勇於改革、敢於破局、不斷創(chuàng)新的決心，提供土地稅收優(yōu)惠、簡(jiǎn)化註冊(cè)審批流程，持續(xù)優(yōu)化政策環(huán)境，積極吸引創(chuàng)科企業(yè)落戶，深化與大灣區(qū)其他城市產(chǎn)業(yè)協(xié)同合作，構(gòu)建創(chuàng)新產(chǎn)業(yè)蓬勃成長(zhǎng)生態(tài)，一定能釋放香港持續(xù)繁榮發(fā)展的強(qiáng)勁動(dòng)能。

Proactively restructure the economy to unleash Hong Kong's momentum

【譯文】For a long time, revenue from land sales has been a major pillar of the government's coffers, for instance, 20.6 percent of government revenue in the 2020/2021 fiscal year. In the past, when the property market was booming, annual land sale income easily exceeded HK$100 billion. However, high land prices and rents have also piled pressure on residents, stifled industrial growth, widened the wealth gap, and deepened underlying social tensions. In recent years, with the property market weakening, government revenue from land sales in the 2023/2024 and 2024/2025 fiscal years has plummeted to around HK$20 billion, dragging down overall income. This has forced the government to tighten its belt, as seen in this year's budget, which unveiled an "reinforced" Fiscal Consolidation Programme. Such measures inevitably affect public services and have sparked concerns about Hong Kong's financial stability.

The reality is clear: the land market is unpredictable, and a model reliant on sky-high land prices is no longer sustainable. In today's world, innovation drives progress, and it's time for Hong Kong to pick up the pace and shift onto a new track of economic transformation. In the series of commentaries on "Exploring Hong Kong's Economic Restructuring" published by the Hong Kong Wen Wei Po, numerous experts and scholars have argued that Hong Kong's economy has been highly dependent on service industries such as the finance and property, and that such a unitary mode of development is facing greater pressure in the context of the current changes in the global economic landscape and intensified regional competition. To tackle these challenges, Hong Kong must break free from its old habits, accelerate the transformation and upgrading of its industrial structure, and promote a more diverse, high-quality economy.

Hong Kong is currently grappling with the budgetary pressure, while Singapore, often seen as a benchmark for Hong Kong's development, enjoys a treasury "flooded with cash". Singapore's projected tax surplus for the 2024 fiscal year is S$6.4 billion (roughly HK$37.1 billion). Earlier, Singapore's Prime Minister and Finance Minister Lawrence Wong noted that this surplus far exceeds the initial forecast of S$800 million, and successfully reverses the deficit of S$2.6 billion from the 2023 fiscal year. The windfall stems largely from a sharp rise in corporate income tax over the past two years, climbing from 3.2% to an estimated 4.1% in 2024, overtaking the "Net Investment Returns Contribution" (NIRC) as the government's largest recurring revenue source.

Singapore's "higher-than-expected" corporate tax growth reflects its response to rising global political and economic uncertainty. The government has positioned the nation as a hub for innovation and R&D, proactively supporting local firms to achieve this goal. In 2021, Singapore launched its decade-long "Manufacturing 2030" vision, aiming to boost manufacturing growth by 50% and maintain its 20% share of GDP. Even during the pandemic, advanced sectors like biomedical manufacturing, electronics, precision engineering, and semiconductors continued to grow steadily. By proactively reshaping its economic structure, Singapore has bolstered its resilience against challenges, leaving its treasury in rude health.

Hong Kong, too, has recognised the need and urgency of accelerating its economic transformation. In 2022, the Government released the Hong Kong Innovation and Technology Development Blueprint, pushing for "new industrialisation". Last year, it rolled out a HK$10 billion "New Industrialisation Acceleration Scheme", and the first project under this initiative has recently launched. This year's budget introduced a raft of measures to bolster new economic momentum, including plans to earmark HK$1 billion to establish Hong Kong AI Research and Development Institute, to steer market investment into emerging sectors through the HK$10 billion "Innovation and Technology Industry-Oriented Fund", and to focus on areas like life sciences, virtual assets, digital bonds, green tech, and low-altitude economy. The Government also plans to issue bonds to fund major infrastructure projects like the Northern Metropolis.

With strong backing from the central government to revitalise its economy, the Government is showing bold determination to reform, break new ground, and innovate relentlessly. By offering land and tax incentives, streamlining registration and approval processes, and continuously refining the policy environment, Hong Kong is working to attract tech and innovation firms, deepen industrial synergy and co-operation with other cities in the Greater Bay Area, and foster a thriving ecosystem for innovative industries. These efforts will surely unlock the powerful momentum for the sustained and prosperous development of Hong Kong. ● Tiffany