Financial Secretary Paul Chan presented a new fiscal budget at the Legislative Council today (Feb. 25). Chief Executive John Lee responded by stating that the budget implements various effective measures outlined in the Policy Address and the government's policy direction, leveraging Hong Kong's unique advantages under "one country, two systems" to actively promote the economy, seek development, benefit the people's livelihoods, seize new opportunities, and better integrate with and serve the national development agenda. He expressed confidence that Hong Kong's economy would continue to build on its positive momentum and urged all sectors of society to support the budget to collectively promote high-quality development in Hong Kong.
Lee indicated that the budget presents a series of innovative and pragmatic measures that further realize the principles of the Policy Address. It proactively aligns with the national 14th Five-Year Plan, empowering Hong Kong's diversified development through innovation and finance while also addressing the needs of citizens and enhancing their livelihoods. The budget actively advances along two main lines, "AI+" and "Finance+," to boost industrial development, create a hub for gathering international high-end talent, strengthen Hong Kong's core competitiveness, enhance economic momentum, and solidly drive the accelerated growth and sustainable development of Hong Kong's economy.
Lee further noted that with the benefit of an improving economy and increased tax revenues, along with the effectiveness of the SAR government's fiscal consolidation efforts, Hong Kong's public finances have improved more rapidly than expected. Taking into full consideration the government's financial condition, the budget introduces several practical measures, moderately increasing support for citizens and small to medium-sized enterprises, optimizing medical services, responding to the needs of different social strata, and enhancing livelihoods. He also mentioned that the budget proposes continued integration and efficient use of financial resources, ongoing support for infrastructure development, particularly in accelerating the development of the Northern Metropolis, and increasing the scale of bond issuance while releasing more long-term bonds. This not only supports infrastructure projects but also promotes the diversified development of the local bond market.
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