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 at the moment (February 26). He famous that whereas geopolitical state of affairs would possibly deliver dangers, expertise reform and synthetic intelligence (AI) growth are remoulding the worldwide panorama, resulting in the emergence of recent industries, new types of enterprise, new merchandise and new companies. He burdened that Hong Kong should seize the chance to take advantage of out of this crucial window to hurry up growth, establishing the brand new earlier than abolishing the previous. He additionally emphasised that transformation and innovation will paved the way into the longer term, and the Government is poised to fast-track the high-quality growth of Hong Kong’s financial system.
The Budget presents a sequence of measures aimed toward accelerating the cultivation of recent high quality productive forces. On innovation and expertise (I&T), the Government will promote Hong Kong into a world change and co-operation hub for the AI business. Through frontier analysis and real-world utility, the Government will endeavour to develop AI as a core business and empower conventional industries of their upgrading and transformation. To spearhead and assist Hong Kong’s progressive analysis and growth in addition to industrial utility of AI, the Government will set up 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 proceed to take ahead reforms to the itemizing regime, host the Hong Kong Global Financial and Industry Summit, and formulate a plan this 12 months on selling gold market growth.
Hong Kong SAR’s Financial Secretary Paul Chan delivers the 2025-26 Budget within the Legislative Council.
To seize the alternatives caused by the speedy development of innovation and expertise, the Budget highlights the necessity to speed up the event of the Northern Metropolis, which is an funding in Hong Kong’s future. The Government will proceed to accord precedence to offering assets for this initiative, which primarily consists of offering giant tracts of I&T land on the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, along with San Tin Technopole; adopting an progressive mindset in piloting “large-scale land disposal”; growing a knowledge facility cluster at Sandy Ridge; in addition to figuring out appropriate websites within the Northern Metropolis for the development of convention and exhibition amenities.
On the promotion of tourism, funding will probably be allotted to pursue the idea of “tourism is everywhere” and implement the Development Blueprint for Hong Kong’s Tourism Industry 2.0. A research will probably be carried out on the event of the waterfront and former websites to the south of the Hung Hom Station in Kowloon into a brand new harbourfront landmark in Kowloon, together with a yacht membership.
Regarding land provide, Mr Chan introduced that the Government won’t roll out any industrial website on the market within the coming 12 months in view of the excessive emptiness charges of places of work lately to permit the market to soak up the prevailing provide. The Government may also take into account rezoning a number of the industrial websites into residential use and permitting larger flexibility of land use.
The Budget presents a sequence of measures aimed toward accelerating the cultivation of recent high quality productive forces.
Mr Chan proposed a strengthened model of the fiscal consolidation programme to concentrate on strictly controlling authorities expenditure, supplemented by growing income, to revive fiscal stability within the Operating Account, in a deliberate and progressive method, throughout the present time period of the Government. The Government may also ship extra environment friendly public companies to residents by way of leveraging expertise, streamlining processes and driving the digital transformation of public companies. Mr Chan mentioned he’ll uphold the “user pays” and the “affordable users pay” ideas so far as practicable whereas growing income, together with growing the air passenger departure tax, and reviewing the tolls of presidency tunnels and trunk roads. The Government will suitably broaden the scale of bond issuance on the premise of sustaining wholesome public funds and use the funds raised on infrastructure works in a correct and versatile method to put money into Hong Kong’s future and create worth for society.
More details about the 2025-26 Budget is accessible from www.budget.gov.hk.
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