Hashtag
The Times Real Estate

Budget by Hong Kong SAR’s Financial Secretary: Accelerating Development through Reform and Innovation

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.
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.
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.

More information about the 2025-26 Budget is available from www.budget.gov.hk.

Hashtag: #hongkong #brandhongkong #asiasworldcity #budget






The issuer is solely responsible for the content of this announcement.

Business News

Commerce Dot Com Leads CSR Effort to Celebrate Ramadan with Lanoh Tribe

PERAK, MALAYSIA - Media OutReach Newswire - 27 March 2025 - The residents of Kampung Air Bah, Lenggong, Perak; mostly Muslims from the Lanoh indigenous tribe warmly welcomed the visit from Comme...

Hashtag.net.au - avatar Hashtag.net.au

Uni-Bio Science Group Limited Announces 2024 Annual Results

Record-Breaking Revenue of HK$553.0M and Net Profit of HK$82.8M First-ever Dividend was HK$0.277 Cents Per Share Strengthening Presence in Osteoporosis, Ophthalmology, and Aesthetic Medical Markets H...

Hashtag.net.au - avatar Hashtag.net.au

SUNeVision Initiates MEGA IDC Phase Two Development

Hong Kong’s Largest Data Centre Built for the New AI Era HONG KONG SAR - Media OutReach Newswire - 27 March 2025 - SUNeVision, the technology arm of Sun Hung Kai Properties (SHKP), today anno...

Hashtag.net.au - avatar Hashtag.net.au

The Future of Oil: Market Trends, Risks, and Trading Potential with Octa Broker

​ KUALA LUMPUR, MALAYSIA - Media OutReach Neswire - 28 March 2025 - As of March 2025, Brent crude oil prices have experienced fluctuations: its price traded between $68.30 and slightly above $73 per ...

Hashtag.net.au - avatar Hashtag.net.au

Rhenus Group expands Management Board to drive transformation and growth

Rhenus Group expands Management Board from four to seven members to reflect the Group’s significant transformation and growth ambition, elevating crucial roles to the highest level of decision...

Hashtag.net.au - avatar Hashtag.net.au

KPMG’s "Be in Front" Global Talent Model Powers Ecosystem Advancement in Singapore and Beyond

SINGAPORE - Media OutReach Newswire - 28 March 2025 - KPMG in Singapore is proud to highlight its "Be in Front" talent development and brand philosophy, which empowers clients and communities to lead...

Hashtag.net.au - avatar Hashtag.net.au

Health & Wellness

The Importance of Having a Defibrillator in Public Spaces

Hashtag.net.au - avatar Hashtag.net.au

Life is uncertain! It is almost impossible to be 100% sure of the future, anything can happen to anyone at any time. However, in the case of Sudden Cardiac Arrests (SCA), the presence of an Automat...

Understanding Anxiety: Different Types and Treatment Options

Hashtag.net.au - avatar Hashtag.net.au

(Source) Every person experiences anxiety in some form as they face either pre-event heart palpitations before important events or constant sleep deprivation because of ongoing concerns. People exp...

How Technology Is Improving Community Support Services?

Hashtag.net.au - avatar Hashtag.net.au

(Source) Technology is literally a part of our everyday lives. Everything we do is highly dependent on technology in this day and age. The interesting part is that not just the younger generations ...