【明報專訊】In their first budget of the post-pandemic era, the authorities have proposed using financial instruments such as issuing bonds to "better manage cash flow". This marks an important change in their financial management mindset, as it implies that bond issuance will become a concurrent keystone of the SAR's financial structure. If the authorities can maintain strong fiscal reserves, issuing bonds improves the government's cash flow and helps it in drawing up more long-term development plans. Still, filling deficits customarily by issuing bonds will be unwholesome.