• 創見    Innovative Views
  
• 傾聽    Good Listener
  
• 敢言    Independent Voice
  
  

• A friend
  
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• A business ally
  
• A community builder
  
• A youth commissioner
  
• An opinion leaders
  
• A family man

As early as June 1997, Eric wrote the euphoria of celebration activities and optimism about Hong Kong's future economic prospects could well be followed by a huge "hangover".  The "feel good" factor and momentary frenzy may last a while but real issues such as housing, illegal immigrants and social welfare will soon put the ability of the new HKSAR Government to serious test.  (7^th LegCo Report to HKSA Council - 19. 6. 1997)

What the people of Hong Kong need most is not another lofty, long-term policy address, or an economic positioning that maps out in exacting detail plans and resources for various sectors - at a time when Hong Kong is travelling along a tortuous road in both political and economic terms. (Policy Address response - 21. 10. 1999)

It takes more than the import of foreign capital, human resources and international investment for a city to acquire its own characteristics.  Apart from becoming a paradise for foreign investors, Hong Kong must take into account its fundamental needs.  Hong Kong's professional and SME are the mainstay of its economy and human resources.  If the Government, in its ambitious plan for the future, is only interested in extending its powers and dealing directly with foreign big businesses and ignores the interests, roles and feelings of local middle classes, the distance between the government and the people of Hong Kong will only grow larger and larger.  This is something that is happening and must be tackled.  (Policy Address response - 21. 10. 1999)  

But can the Government afford to be complacent about its attempts at improving efficiency?  Doesn't it have something to learn from the Chinese Government, which is right now launching a determined drive to privatise state-owned enterprise and streamline its structure in order to improve efficiency? (Budget response - 11. 3. 1998)

Let's not forget we are now in the middle of a slump and everywhere people are striving to cut down on costs to stay competitive.  Shouldn't this serve to alert those Government departments which operate trading funds and charge customers for services?  (as above)

An independent survey, commissioned by me and carried out by the Social Sciences Research Center of Hong Kong University, shows that 92% of the accountants interviewed support reform to the Civil Service. (LegCo Debate - 10. 3. 1999)

Without a parallel political development, this blueprint for our economy and livelihood is like a picture with only dull colours.  I suggested that the Government should map out a preliminary blueprint for political development in Hong Kong and work out as quickly as possible the necessary procedures and a timetable. (Policy Address response - 22. 10. 1997)

Eric proposed to increase LegCo seats to 90 in the year of 2007, with 60 directly elected seats and the retention of the 30 functional seats.  (Hong Kong Economic Times - 24. 11. 1998)

Released the first of its kind independent survey conducted by the Hong Kong Polytechnic University on the views of functional constituency seats held by accountants ('Accountants Have Spoken', in "The Hong Kong Accountant" - Feb. 2000)

I questioned the validity of the Government's view that the administration's medium-term GDP forecast for Hong Kong could remain unchanged and that the sweeping currency devaluation in neighbouring countries was an economic 'cold spell' rather than a long-term 'climate change'.  (Policy Address response - 22. 10. 1997)

To achieve a home ownership rate of 70% looks suspiciously like a target set in a planned economy.  (as above) 

Signs of an economic slowdown are already apparent.  If the Government rigidly relies on bureaucratic means and stern administrative measures to meet these housing targets, e.g. 85,000, history will repeat itself.  We will again witness, in the property market, yet another instance of Government intervention which is too much and too late … such an attitude could ruin the property market and thus further weaken our share market and our whole economy.  (as above)

Hong Kong has more financial resources than technological ones.  This imbalance is already filling our stock markets with 'conceptual' IT stocks at a frantic pace.  ('The E-Revolution Age' in "The Hong Kong Accountant" - May 2000)

'The shares should be packaged as different product combinations … these product combinations could take the form of HKI portfolios … or to turn the different equity portfolios into unit trust funds.  This could prevent buyers from splitting up the equity portfolios in a short time.  (Hong Kong Economic Times - 17. 11. 1998)

As early as 29 May 1998, Mr. Eric Li took the lead and told the major newspapers: The Government should consider privatising a minority stake in the Kowloon-Canton Railway Corporation, the Mass Transit Railway Corporation, the Light Rail, as well as the Airport Authority, etc.  Organisations such as the Water Supplies Department and the Post Office could also be listed in order to raise revenue and balance the Budget.  (Eric's Bits & Bytes 10^th issue - December 1998)

With the rapid development of IT application in Hong Kong, we can foresee that no matter how hard the Inland Revenue tries, similar overseas experiences tell us that a fall in the revenue will be inevitable, and this can be regarded as a medium to long term structural problem.  (Budget response - 29. 3. 2000)

The displacement of property trading activities to the new "venture capital" type of investment activities in IT stocks is likely to put the Government in a "lose-lose" situation.  ('Fiscal Deficits: A Structural or Phenomenon' in "Asia-Pacific Journal of Taxation", vol. 4 No. 1 - Spring 2000)

Whilst the loss in land related revenue is immediately, the growth of IT business will gradually "bleed" the ill-suited, outdated traditional tax base of its income over the medium-long term.  (as above)

The changes depicted above are unfortunately structural and also arbitrary.  (as above)

In the Budget debates conducted in 1996 and 1997, I reminded the Administration "to avoid relying too much on land sales and land-related income" and "the continuous narrowing of the tax net over the last few years has increased the instability of revenue from taxation and further planted a long-term financial risk."  (Debate on 10. 11. 1999 on 'Levying of Land Departure Tax by the Government')

Bearing the longer-term structural changes in mind, I believe the Government, if given the opportunity, has reasons to conduct a more comprehensive taxation review to see what adjustments and changes should be made to the existing tax net for the purpose of solving long-term structural changes.  (as above)

Recommend to HKSA the creation of a high level Task Force to pursue on matters, relating to privatisation of insolvency practice, taking part myself if required.  (Eric's Election Platform "Right On Track" - 5. 5. 1998)

The present reform to contract out services and of privatizing departments is, on the whole, following the right track.  (LegCo Debate - 10. 3. 1999)

PAC support the option of moving the provision of some services out of Government to the private and voluntary sectors.  (PAC Report No. 32 - 7. 7. 1999)

In Eric's congratulatory speech at the opening ceremony of the Association of Computer Accountants', he stressed that accountants should stand at the forefront of trends in the application of IT innovation.  (Tak Kung Pao - 8. 3. 2000)

To address the concerns of the HKSA to the Electronic Transaction Bill, the Administration has agreed to move vary amendments under the Committee Stage Amendments, these changes have given the Accountants a key role to play in the development of electronic transactions well ahead of other professions such as the engineers and even the IT professionals.  (18^th LegCo Report to HKSA Council - 7. 3. 2000)

Set up a co-ordination office and a linked computer system amongst non-government organisations to help them find work.  (Chairman's opening Address, HKCSS Quarterly Meeting - 14. 12. 1998)

Our youth agencies would organise over a hundred programmes for unemployed youth to improve their job preparation and life skills.  (Chairman's opening Address, HKCSS Quarterly Meeting - 21. 6. 1999)

"The mishaps committed by the Administration in dealing with the Dongjiang water saga are legion.  The Committee also condemn the Administration for not providing Members of the LegCo with accurate and complete information."

(PAC Report No. 33B - 12. 4. 2000)

Public Accounts Committee (PAC) are seriously dismayed that the Administration has failed to abolish outdated allowances although it has long been aware that the allowances have become outmoded and no longer justified in present-day circumstances. (PAC Report No. 33 - 16. 2. 2000)

This state of affairs has led to a public perception that responsibility for this essential area of work is fragmented and uncoordinated.  It is critical to safeguarding the moral well-being of our young people and our community as a whole. (PAC Report No. 32 - 7. 7. 1999)

Auditors should not act as police of listed companies, (6 July 1999, Apple Daily)

there is a need to balance regulation with an auditor's client confidentiality. (14 June 1999, Ming Pao)

In reality, the one who calls the shots may get the lion share of the rewards, take on minimum risks and pass as many responsibilities as possible to others.  (LegCo Debate, 3. 5. 2000)

In the most extreme cases, when a serious problem strikes, the regulators and corporate management intentionally pick on these professional intermediaries in order to shift the attention from the real culprits.  Professional intermediaries are often made the scapegoat for corporate failures.  (as above)

Professional intermediaries face tremendous pressure from public opinion, sometimes astronomical civil claims and even potential threats of criminal charges.  That is not fair to professional intermediaries who are instrumental in helping to create Hong Kong's enormous wealth.  (as above) 

Accountants should reasonably demand a bigger say in corporate governance as they assume more and more responsibilities.  That is why I have called for the creation of the Professional Intermediaries Advisory Council, with representatives from the HKSA, under the SFC;  (as above)

At present, what many citizens and legislators are complaining of is a civil service that can "do no wrong, take no blame, and receive neither reward nor punishment".   (Policy Address response - 22. 10. 1998)

Like political sensitivity, a clear set of accounting language, is an important tool for management in public finance.  In fact, Government accounts still uses the oldest and the most rudimentary cash entry methods.  For mid-level managers, the approach to resource allocation and its management are still little better than a "spend what you can lay your hands on - use it up, doesn't save "kind of rule.  This approach does not encourage a modern enterprise culture of efficiency, thrift and of broadening sources of funds among civil servants who are routinely spending huge sums from our public purse. (Budget response - 24. 3. 1999)

As a mega project, the cyberport concept is both attractive and practical.  However, with this project, the Government has not only violated the previous taboo on giving special support to a particular industry, it has also chosen to invest heavily in a specific sector of technology.  Further still, it has even made the most subjective choice of choosing a single business partner.  What were the objective and fair selection criteria used by the Government in this extremely irregular decision?

(Budget response - 24. 3. 1999)