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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

Carnival showcases SIE Fund's work

The achievements of the Social Innovation & Entrepreneurship Development Fund (SIE Fund) over the ten years of its existence to date are being showcased this weekend at the Social Innovation Carnival.


Organised by the Innovation, Technology & Industry Bureau’s Efficiency Office under the theme of “Innovate to Create Impact for Poverty Alleviation”, the carnival puts a spotlight on various innovative projects and services subsidised by the fund, demonstrating how it responds to a range of social needs.


Officiating at an anniversary celebration ceremony today, Chief Secretary Chan Kwok-ki said the fund supports social entrepreneurs in implementing innovative solutions which have a social impact, thereby contributing towards poverty alleviation in Hong Kong.


Mr Chan highlighted that the fund has supported more than 500 projects in addressing the needs of various grassroots groups, adding that its achievements are well recognised.


He stressed that the Chief Executive’s most recent Policy Address, delivered last month, contained a host of measures to strengthen support for people living in subdivided units, single-parent households, and elderly households.


The Chief Secretary added that he has every confidence in the fund’s ability to continue delivering on its roles as a promoter and facilitator of social innovation, thereby helping to build a caring and supportive Hong Kong.


The carnival is the highlight of a series of promotional activities marking the fund's 10th anniversary. It started on Friday and will continue tomorrow at Central Market and features booths and workshops. A roving exhibition is being held on the market’s second floor until November 30.


The SIE Fund was inaugurated in 2013 and is overseen by the SIE Fund Task Force under the Commission on Poverty. The task force secretariat is part of the abovementioned Efficiency Office.


By unleashing social innovation and social entrepreneurship, the fund aims to alleviate poverty and social exclusion, promote social integration, and enhance the well-being and cohesion of society.

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