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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

CS to visit bay area cities

Chief Secretary Chan Kwok-ki will depart tomorrow for a three-day visit to three Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area - Guangzhou, Huizhou and Shenzhen.

 

Mr Chan will meet government leaders of Guangdong Province and the bay area cities to discuss issues of mutual concern and strengthen exchanges and co-operation on various fronts.

 

Among other things, he will attend the signing ceremony of a framework agreement on promoting Guangdong-Hong Kong talent co-operation and co-chair with a Guangdong government leader the inaugural meeting of the co-ordination mechanism on Guangdong-Hong Kong talent co-operation.

 

Mr Chan will also visit a number of companies and organisations, and meet Hong Kong people and enterprises in the cities.

 

Secretary for Security Tang Ping-keung, Secretary for Transport & Logistics Lam Sai-hung and Secretary for Labour & Welfare Chris Sun will join the Guangzhou itinerary tomorrow and will return to Hong Kong the same day.

 

The Chief Secretary will return to Hong Kong on January 10. During his absence, Deputy Chief Secretary Cheuk Wing-hing will be Acting Chief Secretary.


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