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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

Cheers to 2024

As the clock struck midnight and 2024 began, Victoria Harbour was transformed into a mesmerising spectacle of brilliant fireworks.

 

The grandest countdown fireworks ever seen in the area drew crowds of spectators who eagerly gathered on both sides of the harbour to witness the breathtaking display that lasted for an impressive 12 minutes.

 

The news.gov.hk team wishes all our readers a healthy and prosperous New Year.


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