The Chief Secretary for Administration, Mr. Chan Kwok-ki, provided remarks on the 2025-26 Budget, highlighting its focus on promoting AI, strengthening foundation through strategic positioning, reinforcing fiscal consolidation, and supporting citizens and businesses. The budget aims to accelerate development, maintain fiscal health, and deliver high-standard public services.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SPOTLIGHT ON
FAMILY OFFICES
The Chief Secretary for Administration, Mr. Chan Kwok-ki, delivered remarks following the Financial Secretary's presentation of the 2025-26 Budget on February 26 at the Legislative Council Complex. The Government has actively collaborated with diverse sectors to foster economic growth and development, taking advantage of national and international opportunities. However, as a small, externally oriented economy, Hong Kong has encountered various challenges in a complex and volatile external environment.
The Budget is comprehensive, balanced, and pragmatic, focusing on promoting development, reform, and innovation while managing government expenditure and augmenting revenue where necessary. Highlights include strategic resource allocation to advance artificial intelligence as a core industry and enhance technological empowerment for industrial growth, aiming to establish Hong Kong as a global innovation and technology hub. The development of the Hetao Co-operation Zone is also emphasized to foster emerging industries and promote economic diversification.
The Budget also emphasizes strengthening the foundation for development by leveraging Hong Kong's strategic positioning as an international financial, shipping, and trade center. Measures are proposed to attract more enterprises, capital, and talent from around the world, deepening cooperation with the Greater Bay Area and emerging markets such as Southeast Asia and the Middle East.
The Budget continues its fiscal consolidation program, introducing measures to control expenditure growth, utilize fiscal resources efficiently, and identify new revenue streams. This ensures fiscal health for future development and investment while maintaining high-standard public services. Additionally, the Budget provides tax and rates reductions, supports citizens and businesses, and injects funds into various funds to enhance economic resilience.
In conclusion, Mr. Chan expressed full support for the 2025-26 Budget and hoped the Legislative Council would promptly scrutinize and approve the appropriation bill. He reaffirmed the Government's determination to harness the opportunities presented by 'one country, two systems' to bolster the economy and build a better future for all.
View the full article:Source
