Hong Kong has unveiled its latest budget, centered on restoring community confidence and steering the economy towards sustainable growth amidst ongoing global challenges.
Financial Secretary Paul Chan highlighted that after a robust 3.2% growth last year, the economy is projected to expand by 2.5% to 3.5% this year. Rising interest rates and geopolitical tensions have dampened the asset market, while shifts in spending by residents and tourists have put pressure on the retail and catering sectors.
The budget outlines three main strategies: boosting short-term confidence, enhancing long-term economic planning, and ensuring financial sustainability. Notably, the government has opted to remove the \"cooling measures\" on the residential property market, citing a stable supply of flats and a favorable market outlook.
Further reforms aim to improve the equities market by enhancing the listing regime and trading mechanisms, thereby increasing market efficiency and competitiveness. To address the evolving preferences of residents and tourists, the budget includes initiatives to develop unique tourist attractions, encouraging longer stays and greater spending.
Additionally, Hong Kong plans to host various mega events and large-scale forums, complemented by thematic activities like drone and pyrotechnic shows, to create vibrant experiences for both locals and visitors. These events are expected to stimulate business activities and foster a lively market atmosphere.
\"We are excited to see collaborative promotional activities that will invigorate Hong Kong's market,\" said Chan. Local businesses are already preparing promotional campaigns leveraging these events to boost sales and marketing efforts.
Reference(s):
cgtn.com
