Budget coheres with Govt policies

February 22, 2023

Chief Secretary Chan Kwok-ki:

While opportunities and challenges both lie ahead, ensuring opportunities outnumber challenges is the key (point) in this year’s Budget. While ensuring public finance sustainability, the Budget has to create a strong impetus for growth and enhance people’s well-being.

This year’s Budget is in line with the current-term Government’s policy direction, that is, to develop our economy and improve people’s livelihood under a result-oriented approach and in a pragmatic manner.

I fully agree with the key direction of this year’s Budget, along with a number of short, medium and long-term measures (that have been) formulated. 

First, to achieve speedy recovery and people-oriented governance. This year’s Budget puts forward a series of short-term support measures to enable Hong Kong people and enterprises to progress steadily towards full normality.

Also, the Budget introduced two citywide initiatives to stimulate local consumption and boost our economy, namely the Consumption Voucher Scheme to give eligible citizens $5,000 each; and a Happy Hong Kong campaign, jointly organised with relevant sectors to launch a series of joyful activities for the public to join.

Second, to promote high quality development, and build capacity in alignment with national development strategies. This year’s Budget strengthens efforts in investment for the future on various fronts, driving Hong Kong’s better integration into national development. In particular, the Budget earmarks the needed resources to support the city’s eight centres development under the National 14th Five-Year Plan.

Overall, I fully support this year’s Budget. I hope the Legislative Council can scrutinise and approve the Appropriation Bill as soon as possible so that the various measures can be implemented in a timely manner, to chart a brighter future for Hong Kong.

The 2023-24 Budget is in line with the Government’s policy to develop Hong Kong’s economy and improve people’s livelihood and legislators are called upon to endorse the Appropriation Bill for its implementation.

Chief Secretary Chan Kwok-ki made the statement after the Financial Secretary presented the Budget today.

“While opportunities and challenges both lie ahead, ensuring opportunities outnumber challenges is the key point in this year’s Budget. While ensuring public finance sustainability, the Budget has to create a strong impetus for growth and enhance people’s well-being,” Mr Chan said.

“I fully agree with the key direction of this year’s Budget, along with a number of short, medium and long-term measures that have been formulated,” he added.

Citing measures such as reductions and waivers in certain taxes and rates as well as the extension of the SME Financing Guarantee Scheme, Mr Chan said the Budget enables people and enterprises to progress towards full normality.

He highlighted two of the measures which are of benefit to the economy, namely the Consumption Voucher Scheme and Happy Hong Kong campaign that comprises fun activities for the people to join.

The Chief Secretary also spoke on the alignment with national development strategies as stated in the Budget.

Mr Chan said: “This year’s Budget strengthens efforts in investment for the future on various fronts, driving Hong Kong’s better integration into national development. In particular, the Budget earmarks the needed resources to support the city’s eight centres development under the National 14th Five-Year Plan.”

“I hope the Legislative Council can scrutinise and approve the Appropriation Bill as soon as possible so that the various measures can be implemented in a timely manner, to chart a brighter future for Hong Kong,” he added.