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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

Dance contest gets ‘M’ Mark status

The Major Sports Events Committee announced today that it has awarded “M” Mark status to the World DanceSport Federation Breaking for Gold World Series - Hong Kong 2023, due to be held on December 15 and 16.


With the Paris 2024 Olympic Games less than a year away, the event serves as the final qualification ranking competition for the Paris Games. It is expected that around 200 top breakdancers from some 50 countries or regions will compete in Hong Kong.


Major Sports Events Committee Chairman Wilfred Ng said he is delighted that the DanceSport Association of Hong Kong, China has been authorised to host this elite event.


“This event not only showcases Hong Kong’s capability to host world-class events, but also enhances Hong Kong’s position as a centre for major international sports events.”


He anticipated that the contest would add colour and vibrancy to the city, thereby bringing in more visitors from abroad.


The “M” Mark system aims to encourage and assist local and national sports associations, as well as private and non-governmental organisations, to organise more sports events and grow them into sustainable initiatives.

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