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Hong Kong: Leung wealth fund plan gets backing

Posted on 16 May 2012

Leung Chun-yingChief Executive-designate Leung Chun-ying’s proposal to set up a “sovereign wealth fund” would help stabilize the SAR financial market and facilitate the government’s long-term investment plan, according to a top banker.
Tse Yung-hoi, deputy chief executive of BOC International, said the wealth fund can be funded through budget surpluses rather than from the Exchange Fund. “[The government] cannot keep coming up with handouts today when it has surpluses, and then raise taxes tomorrow when it doesn’t have enough money,” he told Sing Tao Daily, a sister publication of The Standard………………………………………..Full Article: Source


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