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2023-12-17 HKT 10:55
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Chen Maobo said that when preparing a new “Financial Budget”, we must promote stability through development and continue to appropriately allocate resources to improve the economy and benefit people’s livelihood. (Paul Chan’s blog)
Financial Secretary Paul Chan Mo-po said that Hong Kong’s economy has recovered from the epidemic this year, with full customs clearance from the mainland and the world, and the economy has returned to positive growth. However, the strength of the recovery is affected by factors such as continued high global interest rates and geopolitics. It is weaker than expected at the beginning of the year. When preparing a new “Financial Budget”, we must promote stability through development, continue to allocate resources appropriately, strive for the economy and benefit people’s livelihood, make forward-looking arrangements, plan for the long-term and sustainable development of Hong Kong, and work together to make the economic pie bigger and bigger. good.
He said in his blog that after taking into account the proceeds from bond issuance, the SAR government’s comprehensive fiscal deficit is expected to be slightly more than 100 billion yuan this fiscal year, which is higher than the more than 57 billion yuan predicted at the beginning of this year. The deficit is likely to continue next year. Opportunities cannot be denied. In the past few years, government expenditures have increased significantly, improving public services and benefiting citizens. However, after a period of rapid growth, expenditures must enter a consolidation stage. Effective expenditure control and even appropriate reductions are inevitable.
Chan Mo-po said that the government will continue to maintain zero growth in the civil service establishment this year. In the two years starting from 2024/25, each policy bureau and department will save 1% of its recurrent expenditure in each year. The resources saved will be reallocated internally for optimization. and launch new public services.
He pointed out that in the process of controlling expenditure growth, the needs of social and economic development will be carefully considered and balanced, especially the situation of the most vulnerable and needy citizens in society. In terms of increasing government revenue, the most effective and practical way is to develop the economy to generate more revenue, continue to enhance its competitiveness, seek new breakthroughs, and develop new growth points.
Chan Mo-po mentioned that in the past year, we have been committed to cultivating and developing new industries, establishing new partners, attracting new funds, and opening up new markets, such as attracting key innovation and technology enterprises, bringing a large amount of investment, creating jobs, and attracting the upper, middle and lower reaches of the industrial chain. The arrival of partners in Hong Kong will increase the government’s tax revenue, and will also strive to comprehensively enhance the competitiveness of the financial market, further deepen the “interconnection” with the mainland’s financial market, and strengthen cooperation with the Middle East, ASEAN and other regions.
2023-12-17 02:55:00
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