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Opinion
Hong Kong’s budget should move the city towards ‘inspirational’ development
The 2026-27 budget speech should explain how the city’s economic direction aligns with global and national trends, defining its place in the industries of the future
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Regina Ip Lau Suk-yee is convenor of the Executive Council and chairwoman of the New People’s Party.
At this time of year, Financial Secretary Paul Chan Mo-po’s top priority is finalising the Hong Kong government’s budget for 2026-27, balancing requests for incentives and welfare against calls for a return to fiscal prudence.
For decades, budget speeches have followed a familiar structure: a review of past performance, near- and medium-term forecasts, support measures for industries and social services, a report on the government’s fiscal position and financial estimates for the coming year. The public typically looks for “sweeteners” – tax rebates or subsidies – and for any fee or duty adjustments to meet policy goals.
This year, however, Chan should enrich that format by explaining the macroeconomic rationale behind Hong Kong’s new industrial-policy direction: large-scale investment in innovation and technology to broaden the economy. Investing in cutting-edge technologies with uncertain returns would have been unthinkable in the British era and was largely avoided in the special administrative region’s early years.
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