【明報專訊】EARLIER last week the Hong Kong government announced the details of the third round of the Anti-epidemic Fund. The total amount has been reduced to HK$24 billion, showing that the government has become circumspect in introducing measures to prop up the Hong Kong economy. The first two rounds of the Fund also considered, the government's financial commitment has reached HK$300 billion, and its fiscal reserves have fallen to HK$800 billion. Recently, some people in the business sector have openly called on the government to issue bonds to raise funds. In the past, the Hong Kong government’s insistence not to engage in debt financing has indeed saved it from the tempting idea of "spending future money". However, the COVID-19 pandemic has caused a rapid reduction in fiscal reserves, and the government is uncertain about the extent of the pandemic’s impact on the economy. Such being the case, the issuance of bonds to improve the liquidity of the fiscal reserves to prepare for contingencies is indeed an idea worthy of in-depth study.