Facing bumper deficits and a faltering economy, finance chief Paul Chan sought to make savings as he delivered the 2025 Budget at the legislature on Wednesday.
- HK logs estimated HK$87.2bn deficit, 7% spending cuts over coming 3 years.
- Democratic Party urges pay cut for senior officials
- Gov’t defends plan to axe HK$2,500 student subsidy
- Measures do not address poverty, Hong Kong NGO says
- Public transport subsidy cut back as threshold upped to HK$500.
- Hong Kong to halt commercial land sales on hold amid high vacancy rates.
- HK$1.2 billion earmarked to boost tourism.
- HK$1 billion set aside to set up AI research institute.
- Hong Kong taxpayers will see lower tax reduction in 2025-6.
- Pay freeze for gov’t employees, inc. civil servants, judges, and chief exec.
- Fines for traffic offences, parking meter fees to rise.
- Use of HK$2 transport scheme for elderly capped to 240 trips per month.
- Hong Kong airport tax to rise from HK$120 to HK$200.
- Hong Kong considers legalisation of basketball gambling.
- Activists call off traditional demo at gov’t HQ citing ‘immense pressure’.
Stay tuned to HKFP for full, trusted coverage of the 2025 budget.
He laid out plans for a 7 per cent spending cut over the coming three years to tackle the HK$87.2 billion deficit. Commuters will see cuts to transport subsidies, taxpayers will see their discount reduced, airport departure tax and parking fines will increase and civil servants will see a pay freeze.
Chan met the press following his budget speech at the legislature.
