HONG
KONG
SAR
–
Media
OutReach
Newswire
–
26
February
2025
–
Paul
Chan,
Financial
Secretary
of
the
Hong
Kong
Special
Administrative
Region
unveiled
his
2025-26
Budget
today
(February
26).
He
noted
that
while
geopolitical
situation
might
bring
risks,
technology
reform
and
artificial
intelligence
(AI)
development
are
remoulding
the
global
landscape,
leading
to
the
emergence
of
new
industries,
new
forms
of
business,
new
products
and
new
services.
He
stressed
that
Hong
Kong
must
seize
the
opportunity
to
make
the
most
out
of
this
critical
window
to
speed
up
development,
establishing
the
new
before
abolishing
the
old.
He
also
emphasised
that
transformation
and
innovation
will
lead
the
way
into
the
future,
and
the
Government
is
poised
to
fast-track
the
high-quality
development
of
Hong
Kong’s
economy.
The
Budget
presents
a
series
of
measures
aimed
at
accelerating
the
cultivation
of
new
quality
productive
forces.
On
innovation
and
technology
(I&T),
the
Government
will
promote
Hong
Kong
into
an
international
exchange
and
co-operation
hub
for
the
AI
industry.
Through
frontier
research
and
real-world
application,
the
Government
will
endeavour
to
develop
AI
as
a
core
industry
and
empower
traditional
industries
in
their
upgrading
and
transformation.
To
spearhead
and
support
Hong
Kong’s
innovative
research
and
development
as
well
as
industrial
application
of
AI,
the
Government
will
establish
the
Hong
Kong
AI
Research
and
Development
Institute
and
launch
the
Pilot
Manufacturing
and
Production
Line
Upgrade
Support
Scheme
(Manufacturing+).
On
finance,
the
Government
will
continue
to
take
forward
reforms
to
the
listing
regime,
host
the
Hong
Kong
Global
Financial
and
Industry
Summit,
and
formulate
a
plan
this
year
on
promoting
gold
market
development.
Hong
Kong
SAR’s
Financial
Secretary
Paul
Chan
delivers
the
2025-26
Budget
in
the
Legislative
Council.
To
seize
the
opportunities
brought
about
by
the
rapid
advancement
of
innovation
and
technology,
the
Budget
highlights
the
need
to
accelerate
the
development
of
the
Northern
Metropolis,
which
is
an
investment
in
Hong
Kong’s
future.
The
Government
will
continue
to
accord
priority
to
providing
resources
for
this
initiative,
which
primarily
includes
providing
large
tracts
of
I&T
land
at
the
Hong
Kong
Park
of
the
Hetao
Shenzhen-Hong
Kong
Science
and
Technology
Innovation
Co-operation
Zone,
together
with
San
Tin
Technopole;
adopting
an
innovative
mindset
in
piloting
“large-scale
land
disposal”;
developing
a
data
facility
cluster
at
Sandy
Ridge;
as
well
as
identifying
suitable
sites
in
the
Northern
Metropolis
for
the
construction
of
conference
and
exhibition
facilities.
On
the
promotion
of
tourism,
funding
will
be
allocated
to
pursue
the
concept
of
“tourism
is
everywhere”
and
implement
the
Development
Blueprint
for
Hong
Kong’s
Tourism
Industry
2.0.
A
study
will
be
conducted
on
the
development
of
the
waterfront
and
former
sites
to
the
south
of
the
Hung
Hom
Station
in
Kowloon
into
a
new
harbourfront
landmark
in
Kowloon,
including
a
yacht
club.
Regarding
land
supply,
Mr
Chan
announced
that
the
Government
will
not
roll
out
any
commercial
site
for
sale
in
the
coming
year
in
view
of
the
high
vacancy
rates
of
offices
in
recent
years
to
allow
the
market
to
absorb
the
existing
supply.
The
Government
will
also
consider
rezoning
some
of
the
commercial
sites
into
residential
use
and
allowing
greater
flexibility
of
land
use.
The
Budget
presents
a
series
of
measures
aimed
at
accelerating
the
cultivation
of
new
quality
productive
forces.
Mr
Chan
proposed
a
reinforced
version
of
the
fiscal
consolidation
programme
to
focus
on
strictly
controlling
government
expenditure,
supplemented
by
increasing
revenue,
to
restore
fiscal
balance
in
the
Operating
Account,
in
a
planned
and
progressive
manner,
within
the
current
term
of
the
Government.
The
Government
will
also
deliver
more
efficient
public
services
to
citizens
through
leveraging
technology,
streamlining
processes
and
driving
the
digital
transformation
of
public
services.
Mr
Chan
said
he
will
uphold
the
“user
pays”
and
the
“affordable
users
pay”
principles
as
far
as
practicable
while
increasing
revenue,
including
increasing
the
air
passenger
departure
tax,
and
reviewing
the
tolls
of
government
tunnels
and
trunk
roads.
The
Government
will
suitably
expand
the
size
of
bond
issuance
on
the
premise
of
maintaining
healthy
public
finances
and
use
the
funds
raised
on
infrastructure
works
in
a
proper
and
flexible
manner
to
invest
in
Hong
Kong’s
future
and
create
value
for
society.
The
issuer
is
solely
responsible
for
the
content
of
this
announcement.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate
