The Legislative Council of the Hong Kong Special Administrative Region passed the "2024 Appropriations Bill" on the third reading of the 8th, which involves the second budget proposal of the current SAR government. The Financial Secretary of the Special Administrative Region Government, Chen Maobo, welcomed the passage of the draft by the Legislative Council and thanked the members for their support, which enabled the various measures of the budget to be introduced as soon as possible. At the Legislative Council meeting, several SAR government officials responded to questions and concerns from legislators in a targeted manner regarding measures related to the budget proposal. Chen Maobo stated at the meeting that after the epidemic, Hong Kong has entered a stage of economic consolidation, and the SAR government has the determination and confidence to restore fiscal balance in about three years. At present, the Special Administrative Region government is implementing a fiscal integration policy of opening up resources and reducing costs, with a focus on reducing costs. To this end, the SAR government will implement the "Resource Efficiency Optimization Plan" internally, which will reduce regular expenses by 1% annually from this fiscal year to 2026/27, without affecting comprehensive social security assistance and public welfare plans. Regarding the view that the SAR government should issue bonds to survive, Chen Maobo emphasized that the money obtained from the issuance of bonds by the SAR government will never be used for regular expenses, but rather for investment projects and infrastructure projects to promote the development of the northern metropolitan area. In addition, the lending ratio will also be at a lower and safer level. Chen Maobo said that the budget aims to consolidate the momentum of economic recovery through various short-term measures, while promoting high-quality development of the Hong Kong economy through medium and long-term measures, and bringing new development space for different industries. Hong Kong relies on its motherland and connects with the world. As long as it finds its positioning and direction, leverages its unique advantages, actively integrates into the overall development of the country, and all sectors work together, we believe that Hong Kong will surely prosper and develop. After the meeting, Chen Maobo met with the media and pointed out that confidence is the most important force for Hong Kong to jointly develop the economy. This year's fiscal budget is themed "strengthening confidence, seizing opportunities, and promoting high-quality development". Faced with the complex and changing external environment, the SAR government needs to create favorable conditions on one hand, and on the other hand, it also needs to introduce different measures to develop together with all sectors of society in finance, technology, tourism, retail, and other aspects. Recently, the performance of the Hong Kong asset market has significantly improved, and it is hoped that this "stable and positive" momentum can continue. (Lai Xin She)
Edit：Lubaikang Responsible editor：Chenze
Source：China News Network
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