Financial Secretary Paul Chan stated today (Jan. 18) at an event that the new Budget will be announced on Feb. 26. He mentioned that he has been actively seeking advice recently, meeting friends from various sectors, and encouraging everyone to provide valuable opinions and ideas to the authorities.
Chan pointed out that on one hand, resources should be utilized efficiently to provide various services, while in the current tight fiscal situation, investments in the future and promotion of economic development should continue to create more and better job opportunities, allowing communities and young people to have more employment choices.
Facing consecutive fiscal deficits over the past two financial years, the government must take measures to tighten spending. However, efforts to increase revenue should not be rushed to avoid weakening the momentum of economic recovery. Chan emphasized that the main challenge in handling the budget is to address the deficit while also increasing resources to drive economic development, accelerate growth, and create more job opportunities for young people.
Previously, Chan mentioned on several occasions that Hong Kong's economy had shown steady progress in the first three quarters, but the growth rate and speed were lower than expected, mainly influenced by external factors, high interest rates, and geopolitical factors. He noted that the current unemployment rate in Hong Kong is 3.1%, with an inflation rate of 1%, and social stability. Chan also stressed that the government is working diligently to boost the economy, seek development, and strive to accelerate economic progress while benefiting the public. Faced with challenges in public finance, the government's strategy focuses on cost-cutting, primarily by controlling the growth of recurrent expenditures while maintaining or improving public services.
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