The Legislative Council's passage of the Appropriation Bill 2016 allows the Government to implement Budget initiatives as soon as possible to provide a timely boost to the economy in the face of an economic downturn this year.
Financial Secretary John Tsang made the statement after legislators passed the bill by 49 votes to 18 today.
He thanked the 49 lawmakers for their votes, particularly pro-establishment members for "sticking with the long, drawn-out LegCo meetings."
Noting that the economy will face severe headwinds, Mr Tsang said he allocated $39 billion in tax and short-term relief measures in this year's Budget to support local businesses, in particular small and medium enterprises, and to safeguard employment and ease citizens' burden.
The short-term measures, together with other Budget spending initiatives are expected to bring about a stimulus effect of 1.1% of GDP growth.
Mr Tsang said he will continue to closely monitor the economic situation and the local job market which is showing some signs of weakening with the slowdown in the export, tourism and retail sectors.
"I must stress however, that with our sound economic fundamentals, our stringent financial regulatory regime, robust banking system and healthy fiscal position, we do have the capability, we do have the experience and the determination, to rise to the challenge that has been the result of the current weak economic downturn," he added.
