Hong Kong’s finance chief Paul Chan delivered the budget for 2024 on Wednesday, February 28 at the legislature. He predicted a shortfall of HK$101.6 billion in the current fiscal year ending in March, almost double the forecast provided last year. Meanwhile, the economy grew by 3.2 per cent in 2023, whilst inflation remained “moderate,” Chan said. Hit refresh for latest.
Full 2024 Budget coverage
Further delay for HK$580bn artificial islands plan as Hong Kong minister says ‘no need’ to specify start date
Development minister Bernadette Linn refused to specify when reclamation work could start, days after the city’s finance minister hinted at further budget cuts amid a predicted doubled deficit.
Hong Kong finance chief forecasts deficit ‘below’ HK$100 billion
If the finance chief’s newest forecast is accurate, it would end a two-year streak of the city logging a deficit exceeding HK$100 billion.
‘Too early’ to consider slashing civil servants’ pay to cut costs, finance chief says as HK$100 billion deficit looms
Cutting civil servants’ salaries was the most practical option for lowering costs, said Simon Lee, an economist at the Chinese University of Hong Kong, as the government expects to see a HK$100 billion deficit for the current financial year.
Hong Kong’s deficit to double to HK$100 billion, finance chief Paul Chan warns
It will take three to four years to bring the budget out of the red, finance chief Paul Chan said on Monday.
Regular fireworks show to begin May Day, as Hong Kong links up with mainland China influencers to boost tourism
Aside from the fireworks display, the tourism board announced that it had strengthened promotions “targeting mainland markets” prior to the Labour Day Golden Week, including partnerships with mainland Chinese influencers and travel agencies to promote the city.
Hong Kong gov’t to cut funding for 59 major NGOs after 2 years of billion dollar budget deficits
Labour and welfare chief Chris Sun said the cutbacks would fall on those NGOs better able to bear them.
‘Do not worry’ about structural deficit, Hong Kong finance chief says, as forerunner warns of ongoing fiscal woes
“If bonds are issued year after year… it won’t be long before Hong Kong’s wallet dries up,” former finance minister John Tsang said.
Record HK$27 billion allocated to Hong Kong police for 2024 amid over HK$100 billion deficit
The largest portion of expenditure, according to the proposed 2024-25 budget would be allocated to the “maintenance of law and order in the community,” at a cost of over HK$13 billion.
Hong Kong finance chief defends monthly HK$1 million fireworks after pushback from residents
Monthly fireworks shows introduced during Wednesday’s budget speech could entice visitors to “stay an extra night” in Hong Kong, finance chief Paul Chan said.
Hong Kong lawmakers praise ‘appropriate and pragmatic’ budget, as NGO criticises lack of support measures
The Society for Community Organisation said the extra allowances provided for the elderly, disabled, and residents living on social security, do not fully cover the city’s underprivileged population, especially working class families with children.
Hong Kong Budget 2024: Finance chief asks for ‘understanding’ over lack of sweeteners
“When the economy is better, residents’ income will also be better. Everyone will be happier and they will have more money to spend,” finance chief Paul Chan said, but social welfare lawmaker Tik Chi-yuen decried a lack of fiscal policy to help those in need.
Hong Kong Budget 2024: No consumption vouchers as relief measures scaled back
Finance chief Paul Chan did not mention the consumption voucher scheme when he unveiled tax cuts and other relief measures for residents while delivering his annual budget speech to the legislature on Wednesday.
Hong Kong Budget 2024: Artificial islands project delayed but will go ahead, says finance chief Paul Chan
Secretary for Finance Paul Chan told reporters that reclamation for the Kau Yi Chau Artificial Islands project, which was originally slated to begin in 2025, would be delayed by “a little.”
Hong Kong Budget 2024: Costly transport subsidy schemes face review amid HK$100 billion deficit
Secretary for Finance Paul Chan said government departments would review transport concessions for a elderly and disabled, as well as the rebate scheme for commuters, to ensure that the government could continue to offer the benefits in a “financially sustainable manner.”
Hong Kong Budget 2024: City expects HK$101.6 billion deficit as land sales revenue dip
Finance chief Paul Chan had predicted the city would record a deficit of HK$54.4 billion in last year’s budget, but he has now updated the figure to HK$101.6 billion.
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