Chief Executive CY Leung has called on legislators and the public to support the 2017-18 Budget which gives funding to implement the initiatives announced in his Policy Address last month.
In a statement issued today, Mr Leung said the initiatives will allow the Government to fulfil its pledges on the development of innovation and technology, on increasing land supply, poverty alleviation, caring for the elderly and supporting the disadvantaged.
Mr Leung said he shared Financial Secretary Paul Chan's vision in effective resource mobilisation, adding the Budget aims to develop the economy and build a fair, just, caring and inclusive society that embraces pluralistic values.
He said the Financial Secretary has taken into account the fiscal surplus, the current economic situation, and the complicated and uncertain international outlook in the year ahead in laying down the Budget measures.
"The measures introduced, such as reducing profits and salaries tax and tax under personal assessment, and other concessionary initiatives, will let the Government share the fruits of its economic development with the public."
He added the Financial Secretary will put the fiscal surplus to good use by expanding services for the elderly and disabled, and developing I&T, as well as sports.
"The Budget also proposed to consolidate the competitiveness of the pillar industries, set up a committee on I&T development and re-industrialisation, as well as a tax policy unit to better respond to the world's ever-changing economic environment."
