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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

Plans for Fringe Club accepted

The Government announced today that it has accepted Hong Kong Festival Fringe’s proposal to operate the Fringe Club premises at No. 2 Lower Albert Road, South Block, Central, for arts and culture use for three years from April 1, 2024.

      

According to the plan, it will continue to operate the Fringe Club and introduce a series of new programmes featuring arts tech, cross-genre showcases and Chinese culture at the premises.

 

It also plans to maintain the premises as an iconic arts and culture landmark in Central and Hong Kong to showcase the city’s role as an East-meets-West centre for international cultural exchange.

      

The Government announced in April that it would conduct an Invitation For Proposal exercise to identify the most suitable non-profit-making operator for the premises. It received six proposals by the October 20 deadline.

 

An assessment panel then assessed the proposals based on pre-determined assessment criteria.

      

The lease for the premises currently occupied by Festival Fringe will expire on March 31, 2024. 


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