2024-2025 deficit expected to be less than HK$100 bn: Paul Chan
Financial Secretary Paul Chan stated today (Jan. 4) that the fiscal deficit for the 2024-2025 fiscal year is expected to be less than HK$100 billion. He emphasized that the government will primarily restore fiscal balance through expenditure reduction measures.
In the latest budget proposal, Chan noted that despite facing economic uncertainties, the government will continue to adopt proactive fiscal policies to support economic development and social stability. He mentioned that the government will strictly control spending, optimize resource allocation, and reduce unnecessary expenditures by improving administrative efficiency. Chan also highlighted the need to explore increasing revenue while minimizing the impact of expenditure cuts on the general public.
Previously, Chan stated that the government would continue advancing land supply plans to ensure sufficient land resources to meet future economic development and housing needs. He emphasized that the government has identified sources for the supply of 7,300 hectares of land, which will provide a solid foundation for Hong Kong's long-term development.
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