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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

Officials to visit Indochina Peninsula

Secretary for Financial Services & the Treasury Christopher Hui and Secretary for Commerce & Economic Development Algernon Yau will depart for a visit to the Indochina Peninsula tomorrow afternoon.

 

On December 11, Mr Hui and Mr Yau will visit Vientiane of Laos. Mr Hui will then continue his visit to Ho Chi Minh City and Hanoi, Vietnam from December 12, while Mr Yau will return to Hong Kong on the same day.

 

The visit aims to update the Laotian and Vietnamese business communities on opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, and promote Hong Kong's financial, commercial and professional services, in addition to enhancing collaboration with the two countries in the areas of finance and trade.

 

Mr Hui and Mr Yau will meet senior officials, representatives from major financial institutes and business chambers during the visit.

 

In Vietnam, Mr Hui will address a business luncheon as well as a gala dinner.

 

During their absence, Under Secretary for Financial Services & the Treasury Joseph Chan and Under Secretary for Commerce & Economic Development Bernard Chan will be the acting secretaries. 


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