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Hong Kong budget 2024-25

Hong Kong budget 2024-25
Hong Kong’s finance chief Paul Chan Mo-po delivered his budget speech on February 28, with announcements including scrapping all decade-old property cooling measures with immediate effect as authorities look to revive the market.
last updated:
9 September, 2024
Financial Secretary Paul Chan, centre, leads a delegation during a visit to the Northern Metropolis on November 29. Photo: Handout
Hong Kong economy

Opinion | Bond sale shortfall, ballooning deficit early warning signs for Hong Kong

The weak response to a government bond sale and deficit woes should spur leaders into urgent, resolute action.

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Hong Kong economy

Editorial | New engines for economic growth need to be identified

Hong Kong economy

Letters | Hong Kong’s civil servants shouldn’t be target of misplaced frustrations

Hong Kong society

Editorial | Few in Hong Kong raise their glass after cut in alcohol tax

Only those who drink premium liquor are likely to benefit significantly, while concerns remain about the impact on government revenue.

The cut aims to boost the high-end spirits market, with hopes that it will also benefit the tourism and restaurant sectors. Photo: May Tse
Bonds

Opinion | Rosy view of Hong Kong’s finances won’t prepare people for fee hikes

Stop masking true scale of budget deficits with bond proceeds. Hongkongers are not stupid. They know the government must balance the books.

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Hong Kong economy

Opinion | Hong Kong civil servants should get their pay rises, within limits

The government finds itself facing calls for civil servants’ pay to rise when it is trying to curb a ballooning budget deficit. This may be hard to swallow for Hongkongers amid a sluggish economy with small local businesses struggling.

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Hong Kong economy

Hong Kong lawmakers urge authorities to boost overseas confidence in city

Legislators also scrutinise costs run up by former leader Carrie Lam amid debate on passage of 2024-25 budget.

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The Legislative Council Complex in Admiralty. Photo: Robert Ng
Hong Kong politics

First Hong Kong district poll after overhaul cost taxpayers HK$1.2 billion

With record-low election turnout of 27.59 per cent, government spent an average of HK$102 on publicity for each vote in December 10 poll.

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Hong Kong economy

Letters | Hong Kong has enough to offer with or without Taylor Swift

Readers discuss what Hong Kong should focus on in trying to attract tourists, and the proposal to have a monthly firework display over Victoria Harbou.

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Smoking and vaping

Letters | How the tobacco tax helped me quit smoking

Readers discuss the effectiveness of raising the tobacco tax in lowering the smoking rate, and a factor affecting the birth rate in Hong Kong.

Smokers place their cigarette butts inside a rubbish bin in Wan Chai in July 2023. Photo: Elson Li
Hong Kong economy

Letters | Lai See Bonds anyone? Here’s how Hong Kong could raise billions

Readers propose a possible new source of funding for the government, and suggest how cities in the Greater Bay Area could cooperate to boost the nighttime economy.

A shopper selects lai see - the red packets traditionally given out over the Lunar New Year holiday - amid a sea of festive ornaments at Tai Kiu Market in Yuen Long on January 28. Photo: Dickson Lee
Hong Kong transport

Hong Kong’s MTR fines 4,260 passengers for misuse of HK$2 fare scheme

Authorities also lower estimated reimbursement to transport operators in scheme to HK$4.05 billion for 2023-24 from HK$6.7 billion.

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Hong Kong economy

Letters | How Hong Kong can halt the downward spiral in its fortunes

Readers discuss steps the city should take to maintain its international status, the possibility of daily news broadcasts in more languages, and the prayer halls at the Kowloon Mosque.

Hong Kong

Letters | Budget lacked fresh vision for Hong Kong’s economic future

Readers discuss the shortcomings of the 2024-25 budget, how housing affects the birth rate, and schools’ approach to discussion of sex and dating.

A woman shields her eyes at the Tsim Sha Tsui waterfront on January 30. Hong Kong’s financial secretary delivered a budget speech on February 28 that emphasised the need to rein in government expenditure. Photo: Bloomberg
Hong Kong society

Opinion | Hong Kong must spend strategically on healthcare. Here’s how

Hong Kong needs to reimagine healthcare financing by focusing on strategic purchasing. This approach is about more than just saving money; it is a resource allocation philosophy that demands thoughtful procurement decisions and which can boost primary healthcare.

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People attend the first day of the Hong Kong International Medical and Healthcare Fair, featuring more than 300 local and foreign exhibitors from the fields of biotechnology, hospital equipment, rehabilitation and elderly care, and others, at the Hong Kong Convention and Exhibition Centre in Wan Chai on May 16, 2023. Photo: Elson Li
Hong Kong housing

The View | Ending cooling measures no game changer for Hong Kong property market

The end of more than a decade of cooling measures for Hong Kong’s property market is welcome and has sparked a surge in new home sales. These changes must be put in proper context, though, as several other factors will be more consequential in setting the property sector’s course.

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Hong Kong economy

Letters | Hong Kong’s removal of property cooling measures will widen wealth gap

Readers question the rationale behind the removal of stamp duties intended to cool the property market, and point to the benefits of the measure.

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Hong Kong economy

Tycoon slams ‘Hong Kong is over’ claim, says every market has its cycles

Far East Consortium chairman David Chiu says stock market’s performance can’t be judged on recent lows.

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Far East Consortium chairman David Chiu has dismissed the idea that “Hong Kong is over”. Photo: Elson Li
Electric & new energy vehicles

Editorial | Balance struck in Hong Kong’s EV tax break extension

The extension of the incentives took into consideration both the budget deficit and the environmental advantages of continuing to strive for electric vehicle adoption.

Hong Kong politics

Cutting pay of Hong Kong’s civil servants could trigger exodus, experts warn

City’s need to retain civil servants makes it difficult for deficit-hit government to slash their pay and save taxpayers HK$40 billion.

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Hong Kong economy

Letters | Hong Kong’s polluting fireworks may backfire, rather than draw tourists

Readers discuss the government’s plan to hold monthly firework displays over Victoria Harbour, what Singapore offers Chinese tourists, and the need for Hong Kong to spruce up its streets.

Visitors take a photograph, with a fireworks display to celebrate the Lunar New Year in the background, at Golden Bauhinia Squre in Wan Chai on February 11. Photo: Eugene Lee
Hong Kong economy

Letters | A win-win approach to monthly fireworks in Hong Kong

Readers discuss the budget’s proposal of a monthly fireworks display over Victoria Harbour, and political party posters along the city’s streets.

Crowds watch a fireworks display over Victoria Harbour on the second day of the Year of the Dragon, in Hong Kong, on February 11. Photo: Eugene Lee
Lantau Tomorrow Vision

Opinion | Why Hong Kong government should abort artificial islands project

In fiscally challenging times, the government has delayed the Kau Yi Chau reclamation project and is considering private financing for it. Instead, the time should be used to rigorously re-examine whether the project ought to move forward at all.

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Hong Kong economy

Hong Kong public institutions ‘should use loans, land rights’ for financing

Financial Secretary Paul Chan urges institutions such as West Kowloon Cultural District Authority to look into different options to make ends meet.

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Hong Kong

Letters | Should Hong Kong go down self-driving car lane?

Readers discuss the government’s efforts to promote the development of self-driving cars in Hong Kong, and a transport subsidy scheme.

Secretary for Transport and Logistics Lam Sai-hung takes a ride in a self-driving car in Nanshan, Shenzhen, in July 2023. Photo: Information Services Department
Hong Kong property

SHKP in pole position to benefit from Hong Kong’s property easing measures

Hong Kong’s largest developer by market capitalisation is being tipped by analysts to emerge as the ‘prime beneficiary’ of the city’s removal of all property cooling measures.

Residential housing in Hong Kong’s Yau Tong, as seen from the city’s Quarry Bay district. SHKP is controlled by the Kwok family and is widely regarded as a ‘proxy’ for the Hong Kong property sector, according to DBS Group Research. Photo: May Tse
Hong Kong economy

Issuing bonds to tackle Hong Kong deficit not ‘monstrous’: ex-minister Henry Tang

Former finance minister Henry Tang defends government plan to issue HK$120 billion in bonds to cover recurring expenses after successor warns against measure.

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Hong Kong

Letters | Hong Kong budget: lack of sweeteners doesn’t make it a bitter pill

Readers evaluate the budget outlined by the finance secretary last week, what impresses mainlanders about Hong Kong, and the importance of preserving Victoria Harbour as a unique attraction.

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