Hong Kong Financial Secretary Paul Chan Mo-po speaks during the first meeting of the Task Force on Promoting and Branding Hong Kong on Jan 31, 2023. (PHOTO / HKSAR GOVERNMENT)
Hong Kong Financial Secretary Paul Chan Mo-po said in his blog that the 2023-24 budget challenge is striking a balance between maintaining sustainable public finances and stabilizing economic recovery.
The remarks came as the finance chief was expecting a fiscal deficit of over HK$100 billion for the 2022-23 financial year caused by shrinking government revenues and massive expenditure on stimulus packages during the past three years of the pandemic. The next budget will be announced in two weeks.
Hong Kong Financial Secretary Paul Chan Mo-po noted restaurant income in the city had risen 1.5 percent year-on-year to about HK$9 billion ($1.15 billion) in December, marking the third consecutive month of growth and the highest revenue for the sector in December over the past three years
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Chan said on Sunday that the budget should achieve an innovative and proper balance between ensuring residents’ livelihoods, enhancing the development momentum, and keeping healthy government finance.
He said he hopes the upcoming budget will provide a stable path for the financial hub’s recovery, and offer more development opportunities for the city through active investment in the future.
Chan noted restaurant income in the city had risen 1.5 percent year-on-year to about HK$9 billion ($1.15 billion) in December, marking the third consecutive month of growth and the highest revenue for the sector in December over the past three years.
Referring to the Standard Chartered Hong Kong Marathon that was held on Sunday, Chan noted this had been the first large-scale citywide sporting event held in the city since 2019, adding that there will be more international events and conferences in the following months, such as the Hong Kong Rugby Sevens and the Clockenflap music festival.
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The financial secretary compared the years-long pandemic to a “marathon”, saying that Hong Kong had withstood the challenges posed by an economic downturn and had maintained stability in its financial system and in society.
“For one thing, these events showcase the city’s return to normalcy on a global stage, helping bring back international visitors and boost local tourism, catering as well as retail sectors; for another thing, everyone can participate in these events in person, sharing happy time after three-year COVID-19 disruption in life,” Chan said.
tianyuanzhang@chinadailyhk.com