Financial Secretary Paul Chan Mo-po announced the 2025-26 Budget today (Feb. 26), outlining a "reinforced version" fiscal consolidation plan that includes a cumulative 7% reduction in government recurrent expenditure by the 2027/28 financial year.
He pointed out that strictly containing public expenditure is a must. However, he also stressed the importance of finding a balance among the various impacts that may arise in the process. The approach, he said, should be advanced prudently to minimize the impact on public services and people's livelihoods and lay a sustainable fiscal foundation for future development.
"It gives us a clear pathway towards the goal of restoring fiscal balance in the Operating Account, in a planned and progressive manner, within the current term of the Government," he said.
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