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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

Chris Sun bound for Shanghai

Secretary for Labour & Welfare Chris Sun will depart for Shanghai tomorrow morning.


While there, Mr Sun will call on the Hong Kong & Macao Affairs Office of the Shanghai Municipal People's Government, Fudan University and ShanghaiRanking Consultancy, the ranking agency of the Shanghai Jiao Tong University Academic Ranking of World Universities.


Apart from visiting child care and elderly care facilities as well as the New Frontier Group’s United Family Hospital to learn more about the trend of medical and elderly care integration, he plans to meet local youths and Hong Kong people in Shanghai.


Mr Sun will return to Hong Kong on the evening of January 14. In his absence, Under Secretary for Labour & Welfare Ho Kai-ming will be the Acting Secretary.

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