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Hong Kong budget 2024-25

Hong Kong budget 2024-25
Hong Kong’s finance chief Paul Chan Mo-po delivered his budget speech on February 28, with announcements including scrapping all decade-old property cooling measures with immediate effect as authorities look to revive the market.
Hong Kong Secretary for Health Lo Chung-mau (centre) speaks about the changes to public hospital fees and charges, at the government headquarters in Tamar, on March 25. Photo: May Tse
Hong Kong society

Opinion | Hong Kong’s hard-hit middle class will bear brunt of rise in healthcare fees

The government sees the increases as an unavoidable course correction but, for many Hongkongers, it feels like yet another financial squeeze.

China technology

China tech earnings, Hong Kong budget and more

Universities in Hong Kong

Opinion | Why Hong Kong must be careful about cutting university funding

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Hong Kong property

Hong Kong’s lived-in home prices complete third year of decline

Prices of second-hand homes fell in December, snapping a two-month rebound, and have dropped 27 per cent over the past three years.

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A woman walks past a property agency in South Horizons, Hong Kong. Photo: Eugene Lee
Hong Kong economy

Civil servant pay cut to reduce Hong Kong deficit ‘counterproductive’: experts

Lawmaker and academic warn against cutting wages, suggest delaying minor infrastructure projects instead.

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Hong Kong economy

Opinion | Bond sale shortfall, ballooning deficit early warning signs for Hong Kong

The weak response to a government bond sale and deficit woes should spur leaders into urgent, resolute action.

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Hong Kong economy

Editorial | New engines for economic growth need to be identified

A looming HK$100 billion deficit is a reminder of the downside of reliance on asset-related income from land sales and stamp duties.

Financial Secretary Paul Chan Mo-po remains confident the budget will be back in the black within three to four years. Photo: SCMP / Nora Tam
Hong Kong economy

Letters | Hong Kong’s civil servants shouldn’t be target of misplaced frustrations

Readers discuss a suggestion to cut or freeze civil servants’ pay, a challenge in telling good Hong Kong stories, our addiction to smartphones, and holding Israel to account for the Gaza war.

Hong Kong society

Editorial | Few in Hong Kong raise their glass after cut in alcohol tax

Only those who drink premium liquor are likely to benefit significantly, while concerns remain about the impact on government revenue.

Bonds

Opinion | Rosy view of Hong Kong’s finances won’t prepare people for fee hikes

Stop masking true scale of budget deficits with bond proceeds. Hongkongers are not stupid. They know the government must balance the books.

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University tuition fees will rise by over 17 per cent, with increases also expected for A&E charges, water bills and a whole host of public services. Photo: Eugene Lee
Hong Kong economy

Opinion | Hong Kong civil servants should get their pay rises, within limits

The government finds itself facing calls for civil servants’ pay to rise when it is trying to curb a ballooning budget deficit. This may be hard to swallow for Hongkongers amid a sluggish economy with small local businesses struggling.

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Civil servants leave the government offices in Tamar at lunch time on May 16. The 2024 Pay Trend Survey Report suggests rises of up to 5.47 per cent for civil servants this year. Photo: Jelly Tse
Hong Kong economy

Hong Kong lawmakers urge authorities to boost overseas confidence in city

Legislators also scrutinise costs run up by former leader Carrie Lam amid debate on passage of 2024-25 budget.

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Hong Kong politics

First Hong Kong district poll after overhaul cost taxpayers HK$1.2 billion

With record-low election turnout of 27.59 per cent, government spent an average of HK$102 on publicity for each vote in December 10 poll.

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Hong Kong economy

Letters | Hong Kong has enough to offer with or without Taylor Swift

Readers discuss what Hong Kong should focus on in trying to attract tourists, and the proposal to have a monthly firework display over Victoria Harbou.

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Cellist Yo-Yo Ma on stage in a sold-out concert, performed with the Hong Kong Philharmonic, at the Hong Kong Cultural Centre on November 9, 2023. Photo: Hong Kong Philharmonic
Smoking and vaping

Letters | How the tobacco tax helped me quit smoking

Readers discuss the effectiveness of raising the tobacco tax in lowering the smoking rate, and a factor affecting the birth rate in Hong Kong.

Smokers place their cigarette butts inside a rubbish bin in Wan Chai in July 2023. Photo: Elson Li
Hong Kong economy

Letters | Lai See Bonds anyone? Here’s how Hong Kong could raise billions

Readers propose a possible new source of funding for the government, and suggest how cities in the Greater Bay Area could cooperate to boost the nighttime economy.

Hong Kong transport

Hong Kong’s MTR fines 4,260 passengers for misuse of HK$2 fare scheme

Authorities also lower estimated reimbursement to transport operators in scheme to HK$4.05 billion for 2023-24 from HK$6.7 billion.

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Hong Kong economy

Letters | How Hong Kong can halt the downward spiral in its fortunes

Readers discuss steps the city should take to maintain its international status, the possibility of daily news broadcasts in more languages, and the prayer halls at the Kowloon Mosque.

People on the Tsim Sha Tsui waterfront point to fog covering Hong Kong’s iconic skyline on March 11. Photo: Jelly Tse
Hong Kong

Letters | Budget lacked fresh vision for Hong Kong’s economic future

Readers discuss the shortcomings of the 2024-25 budget, how housing affects the birth rate, and schools’ approach to discussion of sex and dating.

Hong Kong society

Opinion | Hong Kong must spend strategically on healthcare. Here’s how

Hong Kong needs to reimagine healthcare financing by focusing on strategic purchasing. This approach is about more than just saving money; it is a resource allocation philosophy that demands thoughtful procurement decisions and which can boost primary healthcare.

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Hong Kong housing

The View | Ending cooling measures no game changer for Hong Kong property market

The end of more than a decade of cooling measures for Hong Kong’s property market is welcome and has sparked a surge in new home sales. These changes must be put in proper context, though, as several other factors will be more consequential in setting the property sector’s course.

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Residential buildings seen from a scenic overlook in Hong Kong on February 25. The lifting of cooling measures in the property sector after more than a decade has sparked a surge of home purchases among local buyers and those from mainland China. Photo: Bloomberg
Hong Kong economy

Letters | Hong Kong’s removal of property cooling measures will widen wealth gap

Readers question the rationale behind the removal of stamp duties intended to cool the property market, and point to the benefits of the measure.

A man uses his photo outside a bank advertising mortgages in Hong Kong on February 28. Hong Kong has dropped all property market curbs in a bid to boost buyer sentiment. Photo: AFP
Hong Kong economy

Tycoon slams ‘Hong Kong is over’ claim, says every market has its cycles

Far East Consortium chairman David Chiu says stock market’s performance can’t be judged on recent lows.

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Electric & new energy vehicles

Editorial | Balance struck in Hong Kong’s EV tax break extension

The extension of the incentives took into consideration both the budget deficit and the environmental advantages of continuing to strive for electric vehicle adoption.

Hong Kong politics

Cutting pay of Hong Kong’s civil servants could trigger exodus, experts warn

City’s need to retain civil servants makes it difficult for deficit-hit government to slash their pay and save taxpayers HK$40 billion.

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Civil servants in Admiralty. Calls to adjust the salaries of government workers mounted ahead of last week’s budget. Photo: Felix Wong
Hong Kong economy

Letters | Hong Kong’s polluting fireworks may backfire, rather than draw tourists

Readers discuss the government’s plan to hold monthly firework displays over Victoria Harbour, what Singapore offers Chinese tourists, and the need for Hong Kong to spruce up its streets.

Visitors take a photograph, with a fireworks display to celebrate the Lunar New Year in the background, at Golden Bauhinia Squre in Wan Chai on February 11. Photo: Eugene Lee
Hong Kong economy

Letters | A win-win approach to monthly fireworks in Hong Kong

Readers discuss the budget’s proposal of a monthly fireworks display over Victoria Harbour, and political party posters along the city’s streets.

Lantau Tomorrow Vision

Opinion | Why Hong Kong government should abort artificial islands project

In fiscally challenging times, the government has delayed the Kau Yi Chau reclamation project and is considering private financing for it. Instead, the time should be used to rigorously re-examine whether the project ought to move forward at all.

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