【原文】摘錄自2月28日香港《文匯報》：長期以來，賣地收入是政府庫房的主要來源，例如2020/2021年賣地收入佔政府財政20.6％。以往地產市道好景，每年賣地收入輕易過千億元，但地價租金高企，亦增加市民生活壓力，更窒礙產業發展，擴大貧富差距，加劇深層次矛盾。

近年地產市道疲軟，2023/2024年度及2024/2025年度政府賣地收入僅為二百億元左右，導致整體收入大降，政府只能嚴控開支，例如今年預算案提出「強化版」的財政整合計劃，難免影響政府服務，更引發社會對香港財政穩健的關注。

事實反映，土地市場飄忽，靠高地價支撐運作的模式難以為繼。當今世界以創新驅動發展，香港是時候加快進入經濟轉型的新賽道。

香港文匯報推出的「香港經濟結構調整探索」系列評論，就有不少專家學者明確指出，過去香港經濟高度依賴金融和房地產等服務業，這種單一發展模式在當前全球經濟格局變化和區域競爭加劇的背景下面臨較大壓力。

為了應對這些挑戰，香港必須破除路徑依賴，加快產業結構轉型升級，推動經濟多元化和高質量發展。

香港正承受財赤壓力， 一向被視為香港發展參照對象的新加坡，庫房卻「水浸」。 新加坡2024財政年稅收預計實現64億新加坡元（約371億港元）的盈餘。新加坡總理兼財政部長黃循財早前指，2024財年的盈餘遠高於最初預計的8億新加坡元，並成功扭轉了2023財年26億新加坡元的赤字。盈餘主要來自企業利得稅過去兩年的顯著增長，該項稅收從3.2%增至2024財年預計的4.1%，並超越了「國家儲備淨投資回報貢獻」（NIRC），成為政府經常收入的最大來源。

新加坡企業利得稅增長「超出預期」，主要是為應對日益增加的全球政經不確定性，新加坡政府將國家定位為創新和研發中心，積極支持本地企業實現此目標。

2021年，新加坡政府宣布為期十年的「製造業2030」願景計劃，旨在促進新加坡製造業增長達50%，並維持20%的GDP份額。即使在疫情期間，新加坡的生物醫藥製造、電子和精密工程行業、半導體等先進製造業仍穩步發展。

新加坡主動調整經濟結構，增強應對挑戰的抗逆力，令庫房更殷實。

香港近年也認識到加快經濟結構轉型的必要和迫切。 2022年，特區政府發表《香港創新科技發展藍圖》，推動實現香港「新型工業化」；去年推出100億元「新型工業加速計劃」，日前計劃下首個項目已啟動。

此次預算案圍繞強化經濟新動能推出一系列政策措施，包括提出將預留10億元成立香港人工智能（AI）研發院，將透過100億元的「創科產業引導基金」加強引導市場投資新興產業，以及在生命健康、虛擬資產、數碼債券、綠色科技、低空經濟等創科領域都有着墨；特區政府亦計劃發債投資北部都會區等重大基建工程。

中央大力支持香港振興經濟，特區政府展現勇於改革、敢於破局、不斷創新的決心，提供土地稅收優惠、簡化註冊審批流程，持續優化政策環境，積極吸引創科企業落戶，深化與大灣區其他城市產業協同合作，構建創新產業蓬勃成長生態，一定能釋放香港持續繁榮發展的強勁動能。

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