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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

Agriculture, fisheries plan unveiled

The Government today released the Blueprint for the Sustainable Development of Agriculture & Fisheries, outlining the vision and work targets for the industries and proposed measures.


Secretary for Environment & Ecology Tse Chin-wan said at the blueprint's launch ceremony this afternoon that the Government attaches great importance to the development of local agriculture and fisheries industries, adding that the blueprint’s formulation demonstrates its determination in this aspect.


The blueprint covers areas such as infrastructure and financial support, application of technology, human resources and training, fostering development of trade organisations, improving operating environment, industrial diversification and opportunity creation for the industries' sustainable development.


Major initiatives include developing deep sea mariculture, promoting modernised aquaculture and offshore fisheries, planning of fisheries protection areas, designating agricultural priority areas, implementing an agricultural park project, introducing urban farming, construction of multi-storey enclosed livestock farms and developing leisure farming and fisheries.


Click here for the full blueprint.

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