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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

Sun Dong inspects new I&T site

Secretary for Innovation, Technology & Industry Prof Sun Dong today inspected a new site for innovation and technology (I&T) use in Sandy Ridge in North District.

 

The Government has been endeavouring to provide space for the development of the I&T industries by increasing I&T land supply and upgrading supporting infrastructure. This year's Policy Address proposed a change in the use of a two-hectare formed site at Sandy Ridge in North District for I&T and related purposes, with a view to supporting Hong Kong's I&T development.

 

Prof Sun conducted an inspection at Sandy Ridge and was briefed by the relevant officers on the situation of the site, including the land formed and the relevant infrastructure facilities which have been completed.

 

He noted that taking into account the location of the site, infrastructure planning, lead time for developing the site, commercial, transport and community facilities in the vicinity as well as the industry's keen demand for similar facilities, the Government is of the initial view that the site may be feasible for data centre development, which should not generate large people flow.

 

“The Government plans to complete the technical assessment and relevant rezoning procedures within next year, the site will be ready for I&T and related development, providing a disposed site for I&T use in a relatively short term in addition to the Loop. This aligns with the 'South-North dual-engine (finance-I&T)' planning,” he added.


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