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FS outlines fiscal consolidation plan

In the 2024-25 Budget announced today, Financial Secretary Paul Chan proposed a number of measures to increase revenue and outlined a fiscal consolidation programme which aims to restore fiscal balance in a few years’ time.   Mr Chan said even though the Government strived to reduce expenditure as the COVID-19 pandemic had subsided, the total expenditure for 2023-24 reached $727.9 billion, representing an increase of 36.9% compared with 2018-19, of which operating expenditure rose substantially by 40.2% whereas operating revenue increased only 13.1%.   On capital works, owing to the fact that the Government has been pressing ahead with land and housing supply projects, along with other infrastructure works for improving the environment and people’s livelihood, the average annual expenditure has increased from about $76 billion over the past five years to about $85 billion in 2023-24.   Fiscal reserves have dropped to the current level of $733.2 billion.   Fiscal consoli

Lam Sai-hung tours Vietnam

Secretary for Transport & Logistics Lam Sai-hung led more than 10 members of the Hong Kong Logistics Development Council to Vietnam for a four-day visit, with a view to introducing Hong Kong's advantages as an international logistics hub to local political and business communities.


Mr Lam met Vietnam’s Deputy Minister of Transport Le Dinh Tho in Hanoi today and they explored business opportunities between the two places.


Upon arrival yesterday, the delegation toured a large-scale local modern logistics warehouse in Hanoi and inspected the operation of the logistics facilities.


The delegation also exchanged views with representatives of related enterprises to learn about Vietnam's smart logistics development.


Mr Lam noted that the Hong Kong Special Administrative Region Government has been progressively exploring new markets from the Association of Southeast Asian Nations (ASEAN), the Middle East regions as well as other countries under the Belt & Road Initiative.


The transport chief pointed out that Vietnam is Hong Kong's second largest trading partner among the 10 ASEAN member states. He also hoped this trip would further promote Hong Kong's advantages as an international logistics hub and provide him with firsthand knowledge of Vietnam's development in modern logistics.


The visit also aims to facilitate industry exchanges between the two places and explore new opportunities for co-operation, Mr Lam added.


The delegation will continue their visit tomorrow by attending a business luncheon in Ho Chi Minh City and meeting local business representatives.

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