Chan earlier revealed the 2024-25 deficit would be about HK$100 billion (US$12.9 billion), more than double what he expected at the beginning of 2024, and marking the third consecutive financial year of recording a loss.
Follow our live updates on the budget to understand how it will affect you.
Reporting by Jeffie Lam, Denise Tsang, Jess Ma, Fiona Sun, Lo Hoi-ying, Elizabeth Cheung, Edith Lin, Natalie Wong, Oscar Liu, Connor Mycroft, Alfred Lam, Ambrose Li, Willa Wu and Harvey Kong.
Key takeaways:
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Civil servants’ pay will be frozen and 10,000 positions will be cut
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HK$2 transport subsidy scheme to be capped at 240 trips a month and eligible users have to pay 20 per cent of fares above HK$10
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HK$1 billion allocated to set up up AI R&D institute
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Halt on land sales for commercial use
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A new batch of 10 strategic enterprises due to be revealed next month expected to bring HK$50 billion investments in Hong Kong
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New mega events such as the World Tourism Cities Federation’s 2025 WTCF Fragrant Hills Tourism Summit in April
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