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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

Northern Metropolis task force meets

The Task Force for Collaboration on the Northern Metropolis Development Strategy held a meeting in Shenzhen today.


Deputy Financial Secretary Michael Wong and Shenzhen Vice Mayor Huang Min led delegations representing the Hong Kong Special Administrative Region and Shenzhen, respectively.


During the session, Hong Kong’s delegates presented updates on the progress on implementing the Northern Metropolis, with a focus on public engagement activities for the San Tin Technopole and the development of multi-storey buildings for modern industries.


The participants exchanged views on various aspects of Northern Metropolis-related collaborations, including the development of Qianhai, works at the Lok Ma Chau Loop, cross-boundary transportation, and the planning of control points. Both sides agreed to continue strengthening co-operation to facilitate the development of the Northern Metropolis.


After the meeting, the Hong Kong delegation visited Qianhai in Shenzhen, the Nanshan Nantou Ancient Town and the Dasha River Ecological Corridor.


They received a briefing on the latest developments in these areas, including heritage conservation work and details of the river transformation project.


Mr Wong said: “One of the important aspects of the development of the Northern Metropolis is leveraging the complementary advantages of Hong Kong with Shenzhen and other cities in the Guangdong-Hong Kong-Macao Greater Bay Area to achieve high-quality development. We will continue to maintain dialogue and close collaboration with Shenzhen for co-operative developments and mutual benefits.”


Hong Kong officials joining today’s meeting included Secretary for Development Bernadette Linn, Secretary for Security Tang Ping-keung, Acting Secretary for Transport & Logistics Liu Chun-san, Under Secretary for Environment & Ecology Diane Wong, and Under Secretary for Innovation, Technology & Industry Lillian Cheong. They were joined by relevant department heads.

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