Hong Kong’s Financial Secretary, Paul Chan, has officially launched the public consultation for Budget 2025, inviting citizens to contribute their suggestions as the government anticipates a challenging financial year.
On Sunday, Chan urged Hongkongers to "team up for a brighter future," emphasizing the need for collective input as the administration faces significant economic hurdles. The call for public participation follows the government’s alarming decision to double its estimated deficit for the current financial year to around HK$100 billion.
"During this period, development is core and stability is the key," Chan expressed in his weekly blog. He acknowledged the gloomy global outlook, stating, "the government has to carefully manage public finances" amid the city's economic transformation. Despite these challenges, he expressed optimism about accelerating economic development.
Chan promotes the idea of prudent financial management coupled with growth. "Let’s make wise use of resources," he reiterated, aiming to gather consensus on the direction of the budget through this consultation process.
The public's role is increasingly important, particularly as Hong Kong navigates both internal adjustments and external pressures. Chan remarked on the benefits of focusing on innovation and exploring new markets, which are gradually starting to show positive results.
Market sentiment has begun to improve, according to Chan, buoyed by recent measures from the central government aimed at stabilizing Hong Kong’s economy. Notably, the recent decision to reinstate unlimited entry visas for Shenzhen residents has had immediate positive effects. Chan reported over 130,000 mainland visitors to the region last weekend, marking a significant 15 percent increase from the average numbers seen during November.
Further illustrating this rebound, Chan highlighted the total retail sales witnessed growth during October, signaling recovery within Hong Kong’s economy. He emphasized the importance of traditional pillar sectors, such as finance and wealth management, noting substantial capital inflows which surged approximately 3.4 times year-on-year to about HK$390 billion.
Chan's confidence is also reflected through the international interest in Hong Kong, as the number of overseas companies establishing themselves here has reached record levels. "Foreign companies are confident toward Hong Kong," he emphasized, acknowledging the effectiveness of the government's promotional efforts abroad.
Looking ahead, Chan recognized the inevitability of challenges but stressed the importance of seizing greater opportunities. "According to our past experiences, Hong Kong remains strong... and we will continue to make steps forward," he asserted with unwavering optimism.
The call for public suggestions is not merely procedural; it encapsulates the administration's willingness to adapt to changing circumstances and the views of its citizens during these transformative times. Chan’s approach seeks not only to confront the immediate economic realities but also to lay groundwork for future growth, stability, and innovation.
For Hong Kong, the dialogue sparked by this public consultation promises to be pivotal as citizens engage with their government to shape the financial roadmap for the years to come. With the consultation officially underway, the outcome may very well dictate the strategic priorities of the upcoming budget, reinforcing the administration’s commitment to collective progress. Chan's final thought resonates clearly: "We have to focus on greater opportunities and prospects. There is always potential for success."
