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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

Ingrid Yeung meets Singapore official

Secretary for the Civil Service Ingrid Yeung met a delegation led by Singapore's Head of Civil Service Leo Yip, under the Singapore-Hong Kong Permanent Secretaries Exchange Programme at the Central Government Offices today.

 

Welcoming the delegation's visit to Hong Kong, Mrs Yeung said the civil service of both places have always maintained close ties and exchanges, adding that while reciprocal visits among senior civil servants of the two governments could not be materialised under the COVID-19 epidemic, she was encouraged to see the exchange programme resume today.

 

Mrs Yeung shared with the delegation experiences in the recruitment and training of civil servants. Both sides noted that the international political, economic and technological situations are fast-changing, while the aspirations of the younger generation are gradually changing.

 

“Investment in continuous training at all levels of the civil service and providing diverse opportunities for young people are important in enhancing the capability of civil servants to cope with the challenging global environment, maintaining the satisfaction civil servants obtain from their work and increasing the attractiveness of the civil service as a career for young people,” she noted.

 

Concluding the meeting, Mrs Yeung said that Hong Kong and Singapore have all along had much in common and it is important for continuous exchanges and co-operation among civil servants in the two governments to take place.

 

The civil service chief added that she looks forward to further promoting people-to-people bonds between Hong Kong and Singapore in future and finding new areas for collaboration.


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