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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

Bay area tourism meeting held

A meeting of the “Joint Regulatory Alliance of the Tourism Market of 9+2 Cities in the Guangdong-Hong Kong-Macao Greater Bay Area” was held in Hong Kong today.

 

Representatives from the Ministry of Culture & Tourism of the People’s Republic of China, the Department of Culture & Tourism of Guangdong Province, the Macau Government Tourism Office, and tourism regulatory departments from the bay area’s nine mainland cities – namely Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing – gathered for the meeting.

 

Secretary for Culture, Sports & Tourism Kevin Yeung said all representatives had unanimously agreed to continue strengthening co-operation and enhancing the professionalism of tourism regulatory personnel in the bay area to jointly make it a world-class tourism destination.

 

During the meeting, members reported on regulatory developments in their respective tourism markets and exchanged views on the progress towards joint regulation this year.

 

They also set goals for further co-operation in the coming year, including providing more training and collaboration opportunities for law-enforcing officers, establishing channels for data and information sharing, and setting a regulatory direction for the future.

 

Parties involved in the meeting arrived in Hong Kong yesterday and visited Ngong Ping 360 and Hong Kong Disneyland to learn more about these attractions, including enhancements and updates to facilities and supporting services, and associated crowd management plans.

 

The meeting was jointly established by the tourism authorities of the Hong Kong Special Administrative Region, the Macau Special Administrative Region and the nine mainland bay area cities based on an agreement on joint regulation signed in 2020.

 

The meeting is held once a year, with the participating cities taking turns to host and chair proceedings. 


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