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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 promotes HK in Dubai

Secretary for Commerce & Economic Development Algernon Yau has been attending the World Governments Summit 2024 in Dubai, the United Arab Emirates. 


Mr Yau met yesterday and today with local government officials and representatives from various organisations to promote co-operation.


Today he met Chief Executive Officer of Economic Development at the Dubai Department of Economy & Tourism Hadi Badri, Executive Director of the Dubai Multi Commodities Centre free zone Ahmad Hamza, and Chief Executive Officer of the Dubai International Financial Centre Authority Arif Amiri.


Mr Yau gave them updates on Hong Kong’s latest developments and business opportunities, and exchanged views with them on various economic matters.


Under the theme “Shaping Future Governments”, the three-day event, which started yesterday, is being attended by more than 4,000 participants.


The summit provides a platform for leaders from governments and international organisations, as well as from private enterprises around the globe, to discuss innovative solutions to future challenges.

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