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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

Tse Chin-wan to join climate summit

Secretary for Environment & Ecology Tse Chin-wan will depart for Dubai tomorrow to join the Chinese delegation to attend the 28th Conference of the Parties to the UN Framework Convention on Climate Change.

 

Mr Tse will attend the high-level segment, side events and other activities of COP28.

 

He will also hold bilateral meetings with other conference representatives and attend the C40 Cities Climate Leadership Group's steering committee meeting to introduce Hong Kong's Climate Action Plan 2050 and the latest policies and measures adopted by the Hong Kong Special Administrative Region Government to combat climate change.

 

Commissioner for Climate Change Wong Chuen-fai and Environment & Ecology Bureau officers will join the visit. Permanent Secretary for Financial Services & the Treasury (Financial Services) Salina Yan will also take part to promote Hong Kong's advantages and latest developments of green and sustainable finance.

 

Mr Tse will return to Hong Kong on December 7. During his absence, Under Secretary for Environment & Ecology Diane Wong will be Acting Secretary. 


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