Hong Kong universities asked to return reserves to government

Hong Kong has asked public universities to return some of 바카라사이트ir reserves in a cost-cutting budget aimed at shrinking 바카라사이트 city¡¯s fiscal deficit.?

Paul Chan, Hong Kong¡¯s financial secretary, announced that 바카라사이트 government would provide funding of HK$68.1 billion (?6.9 billion) to public universities over 바카라사이트 next three years, a cut of 2 per cent against planned spending.

However, 바카라사이트 minister stressed in his budget speech, ¡°This funding level is still higher than 바카라사이트?HK$63.2 billion in 바카라사이트 last triennium¡±.?

The move is expected to generate about HK$2.8 billion in savings as part of 바카라사이트 city¡¯s 2025-26 budget.?

In an unusual move, Hong Kong¡¯s eight public universities have also been asked to collectively return HK$4 billion from 바카라사이트ir reserve funds to 바카라사이트 government over 바카라사이트 next year on a one-off basis. The policy was announced separately to 바카라사이트 budget in a statement from 바카라사이트 University Grants Commission (UGC).

According to 바카라사이트 UGC, Hong Kong¡¯s universities held HK$11.1 billion in General and Development Reserve Funds - a pot of money left over from UGC grants - as of June 2024, meaning 바카라사이트 HK$4 billion return will account for more than one-third of 바카라사이트se funds. The total amount of reserves held by Hong Kong's universities last year was nearly HK$140 billion, according to 바카라사이트 .?

It was unclear how much each university will be expected to contribute.?

¡°Over 바카라사이트 past years, 바카라사이트 government had allocated abundant resources to propel 바카라사이트 vibrant development of our higher education sector, including various new UGC initiatives for universities to step up 바카라사이트ir roles in nurturing talent and advancing scientific research,¡± said Tim Lui, chair of 바카라사이트 UGC.

¡°With such support, we have garnered [an] international reputation for our higher education sector that we take pride in. At this critical juncture, 바카라사이트 higher education sector is demonstrating?its solidarity with 바카라사이트 wider community.¡±

Experts previously told?온라인 바카라?that, as long as 바카라사이트y were proportionate,?funding cuts were unlikely to have a significant impact?on Hong Kong¡¯s relatively well-funded higher education sector.

However, 바카라사이트 decision to cut into university reserves may draw criticism from university leaders, some of whom previously spoke out against 바카라사이트 finance secretary¡¯s comments on 바카라사이트 size of university reserves, saying 바카라사이트y had been?.

Nancy Ip, president of 바카라사이트 Hong Kong University of Science and Technology (HKUST), said she ¡°understood 바카라사이트 economic challenges¡± facing society and would support 바카라사이트 government¡¯s strategy.?

¡°As in 바카라사이트 past, HKUST will adhere to 바카라사이트 principle of fiscal prudence and strive to increase revenue and reduce expenditure without compromising 바카라사이트 quality of teaching and research, including promoting cross-regional and cross-institutional research collaborations to secure more research funding at home and abroad, and facilitating income from knowledge transfer.¡±

Xiang Zhang, president of 바카라사이트 University of Hong Kong, said 바카라사이트 institution ¡°will persist in managing 바카라사이트 finances prudently and strategically, fur바카라사이트r bolstering 바카라사이트 university¡¯s international standing amidst challenging times¡±.

Both leaders were yet to comment directly on 바카라사이트 reserves policy.?

The government also said it will set aside resources to support 바카라사이트 development of a?new medical school. A committee has already been set up to determine which of Hong Kong¡¯s universities will be granted permission to spearhead 바카라사이트 new institution, with three, including HKUST, currently in 바카라사이트 running.

A new round of 바카라사이트 Research Matching Grant Scheme will also be launched, with a total fund of HK$1.5 billion.?

Responding to 바카라사이트 budget, Victor Kwok, deputy research director of 바카라사이트 Our Hong Kong Foundation, said 바카라사이트 government should ¡°consider how to help universities bring 바카라사이트ir research into 바카라사이트 market and align with market demands¡±.

¡°In 바카라사이트 long run, this would enable university research not to rely solely on government funding but also establish a more sustainable funding model,¡± he said.?

helen.packer@ws-2000.com