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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

Algernon Yau starts Beijing trip

Secretary for Commerce & Economic Development Algernon Yau today called on State Council Hong Kong & Macao Affairs Office Director Xia Baolong and visited a satellite technology company in Beijing.

 

He gave Mr Xia an overview of the latest situation and the way forward in key work areas of the Commerce & Economic Development Bureau (CEDB), such as attracting enterprises and investment, and expanding the global economic and trade network.

 

Mr Xia fully recognised the CEDB’s work. Thanking Mr Xia for his encouragement and support, Mr Yau said the CEDB will continue to assist local and overseas enterprises in tapping the opportunities of the Greater Bay Area and participating in the Belt & Road Initiative, thereby contributing to the country’s high-quality development.

 

In the afternoon, Mr Yau visited the ark space lab of Yinhe Hangtian (Beijing) Internet Technology Co (GalaxySpace) to learn about the company’s developments in satellite technologies.

 

He also called on the Office of the Hong Kong Special Administrative Region Government in Beijing, and had dinner with Hong Kong residents and businessmen living in the capital.


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