From industry funding to relief measures for ordinary Hongkongers, here are eight key takeaways from finance chief Paul Chan’s latest budget
In a two-hour address to the Legislative Council on Wednesday, Chan pledged substantial government support and investment in major development projects and key industries such as the artificial intelligence (AI), intellectual property (IP) and aerospace sectors.
He also proposed a strategic plan to use income from the Exchange Fund to finance projects in the Northern Metropolis, while introducing initiatives aimed at boosting tourism.
At the same time, he stressed the importance of prudent spending, announcing a 2 per cent cap on recurrent expenditure for the next two financial years.
Here are eight key takeaways from the financial blueprint.
Hong Kong recorded a surplus of HK$2.9 billion in the consolidated account instead of an earlier projected deficit of about HK$67 billion, thus ending three consecutive years in the red.
