CUHK head says bulk of school reserves tied up as Hong Kong plans funding cuts

Most of the Chinese University of Hong Kong’s reserves have specific purposes and cannot be redirected arbitrarily, the varsity’s president has said, adding that he hopes possible government funding cuts will not affect the institution’s new initiatives.

Professor Dennis Lo Yuk-ming acknowledged on Thursday the city’s financial challenges, saying CUHK was willing to go through tough times with society.

But Lo also highlighted that any cuts should not undermine Hong Kong’s competitiveness as an international education hub.

The top molecular geneticist took office as the ninth president of the university on January 8 and met the press on Thursday.

His tenure begins as the government grapples with a huge deficit of nearly HK$100 billion (US$12.8 billion) in the current financial year, with public universities expected to bear the brunt of funding cuts.

“The global competition in the education sector will wait for no one. We will regress if we do not make progress … All new plans need resources. I hope all funding adjustments for universities will not affect those new plans,” he said.