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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

National Games office established

The Culture, Sports & Tourism Bureau announced today the setting up of a co-ordination office to carry out planning and implementation work for the upcoming National Games, National Games for Persons with Disabilities and National Special Olympic Games.

 

The National Games Coordination Office, led by three senior directorate officers, will work closely with the governments of Guangdong and the Macao Special Administration Region to co-organise the 15th National Games.

          

The State Council announced in August 2021 that the 15th National Games are to be co-hosted in Guangdong, Hong Kong and Macau in 2025, the first time Hong Kong will have co-hosted the National Games.

 

The three locations will also co-host the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games after the 15th National Games are held.

      

The Hong Kong SAR Organising Committee of the 15th National Games was formed in May, with the Chief Executive as its Patron, the Chief Secretary as Chairman and the Secretary for Culture, Sports & Tourism as Secretary General. The committee’s job is to provide policy direction and oversee preparations for events to be staged in Hong Kong.

 

Additionally, a Steering Committee chaired by the Permanent Secretary for Culture, Sports & Tourism, with support from various co-ordinating committees, will be set up in the fourth quarter of this year to carry out work in different areas.

 

These include matters relating to immigration; security and accreditation; media, publicity and community relations; transport and traffic arrangements; and medical services.


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