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Hong Kong budget 2023-24

Hong Kong budget 2023-24
The latest news, analysis and opinion on Hong Kong budget 2023-24. In-depth analysis, industry insights and expert opinion.
Hongkongers react after 2024-25 budget scraps measures to cool property market

Video | Reactions to Hong Kong lifting property market curbs

Hong Kong economy

Opinion | Why it’s time for Hong Kong to go the way of Singapore on GST

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Hong Kong economy

Editorial | Fast action on ruling out capital gains tax reassuring for city

Hong Kong economy

Opinion | Belt-tightening Hong Kong needs to learn to avoid white elephant projects

With a large budget deficit, Hong Kong should re-evaluate projects such as the Kau Yi Chau artificial islands to avoid costly but underused infrastructure like the Kai Tak Cruise Terminal and Hong Kong-Zhuhai-Macau Bridge.

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Illustration: Craig Stephens
Hong Kong economy

Letters | Hong Kong mustn’t wait to diversify revenue

Readers discuss the challenge of finding new revenue streams, three-dish rice queues in Central, a university head’s resignation, and the discovery of coral species in Victoria Harbour.

Hong Kong economy

Letters | Hong Kong Disneyland hasn’t lost its magic

Readers discuss the true worth of loss-making attractions, New Year’s transport chaos at the border, and how the government can increase income.

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Hong Kong economy

Hong Kong may take ‘year or two’ extra to achieve budget surplus, Paul Chan says

Finance chief says surplus may take longer than original estimate of 2025-26 financial year and also offers assurances that efforts to secure new land will continue despite developers’ lack of appetite.

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Hong Kong authorities will take a consolidated approach to spending in the coming year, the city’s finance chief has said. Photo: Dickson Lee
Hong Kong economy

Inside Out | For a true picture of Hong Kong’s economic challenges, look beyond numbers

While the economy grew 4.1 per cent in the third quarter, and unemployment and bankruptcy rates do not appear worrying, the feeling on the ground is quite different. In time, much more economic harm is likely to be revealed.

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Hong Kong economy

Opinion | Don’t spare us the hard truth about Hong Kong’s finances

When the government presents budget deficit figures on a net basis, it can create a false impression of abundance. At a time when revenue is soft, it’s surely more effective to tell the truth, so that sound decisions can be made about revenue and expenditure.

Hong Kong economy

Hong Kong e-vouchers coming from July 16 but a long-term scheme ‘difficult’

Finance chief Paul Chan says more large-scale public activities under ‘Happy Hong Kong’ campaign planned to help latest round of vouchers go further.

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Hong Kong Finance chief Paul Chan is seen announcing the second instalment of the 2023 consumption voucher scheme Second Instalment on Monday. Photo: Elson Li
Hong Kong

Opinion | Ageing Hong Kong can’t afford ‘sky’s the limit’ fare subsidy for elderly

The flat HK$2 fare is open to abuse and costs taxpayers billions of dollars amid a budget deficit. It’s time to raise the qualifying age and cut back the benefit – so the scheme can be truly sustainable.

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Travellers board a bus at Hong Kong International Airport on March 14. The previous administration’s decision to lower the qualifying age for senior concessionary fares to 60, from 65, has compounded the problem. Photo: Sam Tsang
Hong Kong economy

Next phase in developing Hong Kong’s digital economy begins now: John Lee

City leader says ‘Hong Kong government is committed to promoting I&T development in order to foster a more vibrant and diversified economy’.

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Hong Kong economy

Opinion | Laissez-faire Hong Kong has a tech master plan. It’s about time

A mantra of ‘small government, big market’ has held Hong Kong back while its regional peers have made impressive strides in innovation. But now an industrial policy is finally taking shape, with Beijing’s support and backed by a raft of measures and generous funds.

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Hong Kong economy

Letters | Infrastructure bonds offer path to investing in Hong Kong’s future

Readers address criticism of the Hong Kong government’s plan to raise funds through the issuance of infrastructure bonds, and question the timing of the initiative.

A bus crosses a new bridge in Tseung Kwan O on December 12. Capital expenditure costs Hong Kong HK$100 billion per annum. Photo: Xiaomei Chen
Hong Kong economy

Editorial | The path to realising green-tech dreams

Promising steps have been taken as Hong Kong moves full steam ahead to diversify away from traditional financial growth as a driving force.

Financial Secretary Paul Chan Mo-po. Photo: SCMP/Yik Yeung-man
Hong Kong economy

Explainer | Everything you need to know about Hong Kong’s latest round of vouchers

Second instalment will be disbursed from July 16, with users able to switch payment platforms.

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Technology

Opinion | Hong Kong’s supercomputing centre plans must be strategic to succeed

As Hong Kong looks to set up an AI supercomputing centre, it must watch out for construction costs, define the goals of the project clearly and ensure the city has enough local talent to realise its potential.

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Hong Kong society

Opinion | Happy Hong Kong? Look to wonton soup for the soul and small businesses

Organising a series of food fairs is a good starting point but insufficient to make up for all Hong Kong has lost over the past three years. The city’s happiness lies not in hosting large-scale international events but in everyday businesses, especially street food outlets.

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Hongkongers enjoy wonton noodles at restaurant in Wan Chai in 2016. Many restaurants have struggled to remain in business during the pandemic. Photo: Jonathan Wong
Hong Kong economy

Hong Kong Jockey Club vows to keep staff on despite government push for betting duty

Club also promises to uphold donation commitment of no less than HK$4.5 billion annually over five-year period of government’s proposed special football betting duty.

Hong Kong economy

Macroscope | What Hong Kong needs for the exciting budget ideas to take off

In a word: collaboration. From universities to professionals to the government, there must be better collaboration across sectors and disciplines. An inspiration was the work that led to the world-first launch of tokenised green bonds.

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Hong Kong

Macroscope | Budget lays groundwork for Hong Kong’s economic renaissance

The budget sought to position Hong Kong at the forefront of finance, innovation and technology, while capitalising on its place in the Greater Bay Area. Realising these aims, it will also take a concerted effort from the city’s business sector

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Financial Secretary Paul Chan at government’s headquarters in Admiralty, with the Kowloon skyline in the background, on July 25, 2022. Photo: Nora Tam
Hong Kong economy

Opinion | Plastic can be fantastic for Hong Kong’s innovation and tech hub goals

True innovation is premised on solving problems and Hong Kong’s effective waste management is blinding it to the big commercial opportunities in plastic.

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Illustration: Craig Stephens
Hong Kong economy

Hong Kong to keep benchmarking itself against London, New York: finance chief

Financial Secretary Paul Chan tells Post forum that city will remain ‘financial market [where] the Western countries have a substantial stake’.

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Hong Kong economy

Opinion | The best remedy for Hong Kong’s ailing economy is talent

The government’s strategy aims at expanding Hong Kong’s role as a finance, technology and trade hub to drive high-quality growth. For this we will need skilled workers from diverse backgrounds – will they come?

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Hong Kong economy

Opinion | Fewer budget handouts are a blessing in disguise for Hong Kong

Increased dependence on the government lets it off the hook for not getting on with addressing the city’s deep-rooted problems. Now without the balm of handouts, the government has to take on the painstaking work to revive our economy and support households with children.

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The Hong Kong skyline on February 17. This year’s budget has been described as a “better than nothing” budget, but doling out sweeteners is distracting the public and denying resources to those who need them most. Photo: Reuters
Hong Kong economy

Experts lay out steps Hong Kong can take to leap ahead in global chip race

While Hong Kong will face stiff competition in semiconductor manufacturing, success is possible if authorities carefully target specific areas, experts say.

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Hong Kong’s semiconductor plans will need to contend with Western curbs on mainland China’s acquisition of chip technology, experts say. Photo: Shutterstock
Hong Kong economy

Illegal parking in Hong Kong? A fine way to make HK$1.27 billion in 12 months

City expects to rake in amount equivalent to issuing about 10,800 parking tickets every day, according to latest budget.

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Paul Chan

Editorial | Hong Kong budget deficits call for a wider tax review

Regular surpluses appear to be a thing of Hong Kong’s past with worrying factors having a negative impact on public finance.

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