FS DELIVERS NEW FISCAL VISION

Financial Secretary Paul Chan delivered the 2023-24 Budget at the Legislative Council today, with “Leaping Forward Steadily, Together We Bolster Prosperity under Our New Vision” as its theme.

It is the first Budget presented since Hong Kong’s emergence from the COVID-19 epidemic and the resumption of quarantine-free travel with the Mainland and the international community.

Mr Chan said: “With a clear direction ahead and specific goals in mind, Hong Kong is in a new stage of the journey towards vigorously pursuing our economic growth, and moving to high quality development and enhancing people’s quality of life.”

While the external environment remains severe and ever changing, the Government’s financial position and Hong Kong’s financial system have displayed remarkable resilience and remained healthy and the community is stable at large, he added.

The finance chief noted that Hong Kong’s economy is at the early recovery stage, with the public and enterprises still weighed down by tremendous pressure and requiring support. 

In the face of intense competition and imminent development needs, the city has to fully and speedily press ahead with high-quality economic development, which requires forward planning and a front-loaded approach, he added.

“Overcoming resource constraints will require innovative solutions.  Overall, we will take a ‘moderately liberal’ fiscal stance this year. Hence, this is still a deficit budget.

“More than 80% of the resources involved for the budget initiatives will benefit the general public and small and medium-sized enterprises. We will support people in need to the best of our ability, and sustain the impetus to economic recovery in moving towards high-quality development.”

With the epidemic coming to an end, Mr Chan said people are free to travel again and mega events are resuming one after another. The scenes of people cherishing the moments of spending time together inspired him to come up with the idea of “Happy Hong Kong”, a campaign comprising a wide variety of events.

“I hope that people can share more joyful moments with their families and friends through participating in these fun-filled activities.”

The Financial Secretary highlighted that showcasing Hong Kong’s new strengths to the outside world is a top priority, as the city’s interaction with the outside world was hindered for more than three years and many of those living overseas have been prevented from visiting.

“In the midst of complicated and volatile international relations, it is all the more important that we stand firm in explaining the actual situation in Hong Kong and establish new connections and friendships.”

Noting that Hong Kong’s orientation and positioning in the global arena serve a crucial role under “one country, two systems”, Mr Chan pointed out that the city has many friends around the world ready to offer valuable advice despite the trials and tribulations it faces.

He also spoke on the nation’s development, noting that the country sustains high-quality development and adheres to the strategy of two-way opening up under the principle of reciprocity and mutual benefits.

“These, together with our country’s staunch and robust support to Hong Kong, enable us to explore new markets and forge new partnerships in the current international landscape.”

---

PREVIOUSNEXT