GEORGE TOWN, Oct 12-- The Penang Chinese Chamber of Commerce (PCCC) has given the thumbs up to the 2020 Budget, saying it is in line with the aspiration of the people and shows disciplined financial management.

He said the federal government faced constraints in exploring new revenue due to global economic tensions, such as the US-China trade war.

“Despite the difficulties and constraints, (Finance Minister) Lim Guan Eng has managed to announce a slew of allowances and concessions in the budget to help the B40 to reduce the costs of living,” it said in a statement today.

PCCC also welcomed the RM100 million allocation for the proposed cable car system at Penang Hill, the reduction of toll charges on the Second Penang Bridge and the higher grant for Chinese education.

It expressed gratitude to the federal government for lowering the minimum threshold price for foreigners to purchase high-rise properties to RM600,000, a move it said is in line with a resolution passed at its annual general meeting in September this year.

However, PCCC expressed concern over the lack of funds allocated for development expenditure due to the constraints faced in seeking new financial resources.

“We are afraid that if development expenditure is stagnant for a long time, the future of the nation will be affected,” it said.

It also suggested that the mechanism for the Targeted Fuel Subsidy (PSP) scheme be further studied as its complicated system would cause a lot of confusion when implemented.

“Although the intention is good, the entire subsidy mechanism is too complicated, with too many different criteria for the ride, the qualifications and groups of beneficiaries are also finely differentiated,” it added.

-- BERNAMA