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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

Nicolas Aguzin’s contribution valued

The Government today thanked Hong Kong Exchanges & Clearing (HKEX) Chief Executive Nicolas Aguzin for his contribution to Hong Kong’s financial market during his three-year tenure.


HKEX announced that Mr Aguzin will not seek reappointment upon completion of his current contract.


The Government noted that since taking office in May 2021, he has made notable contributions and led HKEX in achieving breakthroughs in securities market development and mutual access with the Mainland financial market.


Mr Aguzin also led the exchange in promoting at the international level Hong Kong’s unique position as an international financial centre connecting the world and the Mainland.


Financial Secretary Paul Chan said: “During his term, Mr Aguzin has driven the development of Hong Kong’s stock market and enabled Hong Kong to continue serving as an internationally important platform for initial public offerings, and has also played a crucial role in strengthening HKEX’s international connections.”


HKEX also announced that its board of directors decided to appoint Bonnie Chan, currently the exchange’s Co-Chief Operating Officer, as the new Chief Executive following Mr Aguzin’s departure.


Over the past few years under Ms Chan’s leadership, HKEX’s Listing Division and other operating departments introduced the new listing regime for Specialist Technology Companies and enhanced the listing mechanism for overseas issuers.


“I am confident that under the guidance of its board of directors and with Ms Chan’s devoted efforts, HKEX will continue to achieve greater success in the future,” Mr Chan added.

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