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.
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.
Explainer: Why Hong Kong is constitutionally obliged to balance the books
Why is Hong Kong legally obligated to balance the books? To what degree is Basic Law Article 107 respected? And why is the city – now facing a deficit – usually so prudent with its finances? HKFP crunches the numbers and delves into history…
MORE 2024 BUDGET COVERAGE
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.
Hong Kong Budget 2024: City’s economy grew by 3.2% last year, inflation ‘moderate’
The inflation rate stood at 1.7 per cent last year after excluding the effects of one-off government measures, finance chief Paul Chan said during his 2024 budget speech on Wednesday.
Hong Kong Budget 2024: Tobacco tax rises for second consecutive year to put public off smoking
Finance chief Paul Chan announced on Wednesday that the duty on cigarettes would rise by 80 cents per cigarette, or HK16 for a pack of 20, with immediate effect.
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