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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

Sharing festive joy across HK

From stunning marine pyrotechnic displays to the spectacular Christmas Town at the West Kowloon Cultural District, Hong Kong is celebrating the festive season in style.

 

Gather around the giant sparkling tree at Christmas Town or enjoy the Winter Harbourfront Pyrotechnics that illuminate the night sky with a dazzling array of colours and patterns on selected dates.

 

Walk along Lee Tung Avenue where a local multimedia artist has created "The Wishing Stars" featuring the "Corridor of Wishes" and a five-metre mega Christmas star above the Central Piazza.

 

If you are in Tsim Sha Tsui, immerse yourself in the yuletide ambiance by checking out a special digital light show and the festive light installations on Mody Lane accompanied by musical effects for the first time.

 

A towering 12-metre-tall Christmas tree adorned with elegant decorations, beckons families and friends to gather and celebrate the spirit of togetherness at Tai Kwun, while a daily light show transforms into a breathtaking spectacle of lights and colours above the heritage building. 

 

The news.gov.hk team wishes our readers a joyous Christmas!


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