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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

Chris Sun to visit Shenzhen

Secretary for Labour & Welfare Chris Sun will tomorrow lead a Hong Kong Special Administrative Region delegation to Shenzhen, where he will attend the 2nd National Conference on the Development of Human Resources Services.


Mr Sun will call on leaders of the Ministry of Human Resources & Social Security, visit the Hong Kong SAR exhibition area at the conference and attend a recruitment event for young talent in the Greater Bay Area.


The delegation will comprise over 30 members, including Commissioner for Labour May Chan, Director of Hong Kong Talent Engage Anthony Lau, President of the Hong Kong Institute of Human Resource Management Lawrence Hung, and representatives of the human resources sector.


Mr Sun and the delegation will return to Hong Kong tomorrow evening.

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