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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

Funding set for 3 TV shows

Three local television stations will receive around $25.47 million in total funding to co-produce variety programmes with Mainland or Asian production teams, the Culture, Sports & Tourism Bureau announced today.

 

The Chief Executive proposed in the 2022 Policy Address to support the co-production of variety programmes by local television stations and Mainland or Asian production teams to enhance the soft power of Hong Kong pop culture.

 

The measures aim to open up a broader market for related industries and their peripheral products while nurturing more industrial talent.

 

Hence, Create Hong Kong invited applications from local television stations, and approved variety programmes will have part of their production cost sponsored through the CreateSmart Initiative.

 

In the first round, six applications were received from three local television stations. Three successful applications will be funded, involving around $25.47 million in total funding. The funding ceiling of each project is $10 million.

 

The three approved shows are Spring Gala Festival to be co-produced by HOY TV and Guangdong Radio & Television, CHILL CLUB (Thailand version) by HK Television Entertainment Company and MV Television (Thailand) Co, and Endless Melody 2 by Television Broadcasts and Mango TV.

 

The programmes are expected to air in Hong Kong in the first, second and fourth quarter of 2024. They will also be broadcast simultaneously on the Mainland or in Thailand.

 

CreateHK plans to accept the second round of applications in the first quarter of 2024.


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