Congratulations to Financial Secretary Paul Chan Mo-po for getting the city’s budget to sail through the Legislative Council. It wasn’t always such smooth sailing and Chan would do well to acknowledge as much. When Chan was first given the keys to the city’s coffers, they were full. Successive financial secretaries faced political pressure of a…
Hong Kong’s Exchange Fund, the war chest used to defend the local currency, reported its smallest investment gain in five quarters as the Middle East crisis weighed on stock market performance. The fund gained HK$34.5 billion (US$4.4 billion) in the first quarter, 56 per cent lower than HK$79.2 billion a year earlier, according to data…
Hong Kong has recorded its fastest quarterly economic growth in nearly five years, hitting 5.9 per cent, driven by private consumption and government spending despite the war in the Middle East. The first-quarter growth outpaced the 4 per cent rise in the fourth quarter of last year, according to an advance estimate released by the…
As Hong Kong prepares for another major push in public works, one question deserves far more attention than it has received: are we buying infrastructure in a way that is sustainable for the construction industry and the public as a whole? In his February budget, Financial Secretary Paul Chan Mo-po announced that HK$150 billion (US$19.1…
Hong Kong’s financial chief has revised the city’s fiscal surplus for the previous year to HK$11 billion (US$1.91 billion), nearly four times the original estimate, saying the ongoing Middle East conflict had a limited impact on the economy with gross domestic product (GDP) growth remaining strong in the first quarter. Financial Secretary Paul Chan Mo-po…
Hong Kong will introduce a two-month subsidy for liquefied petroleum gas (LPG) used by taxis, minibuses and school buses from May, amid soaring fuel prices, while a previously announced diesel subsidy will take effect on Thursday. Financial Secretary Paul Chan Mo-po said on Wednesday that the interdepartmental task force monitoring fuel price movements had proposed…
Hong Kong’s exports rose nearly 36 per cent year on year in March – the sharpest rate in more than five years – backed by what authorities described as “strong global demand” for AI-related electronic products and outpacing last month’s growth despite trade disruptions. According to the Census and Statistics Department, the total value of…
Hong Kong’s initial public offering (IPO) market has raised more than HK$140 billion (US$17.87 billion) as of April, maintaining its global lead, the city’s financial chief has said, while indicating a renewed push to develop gold trading amid rising demand for risk diversification. Financial Secretary Paul Chan Mo-po said on Sunday that Hong Kong remained…
Hong Kong’s leader has defended the government’s decision to put the legalisation of basketball betting on hold, stressing the policy was never intended to encourage gambling and that all risks must be controlled before any further steps are taken. Chief Executive John Lee Ka-chiu made the remarks on Tuesday after the government’s surprising U-turn last…
The Hong Kong government plans to launch a public consultation this quarter on the city’s first five-year plan aligned with national development, aiming to gather views on which policies the government should focus on in the coming years. Chief Executive John Lee Ka-chiu said on Tuesday that Hong Kong’s five-year plan would bring numerous benefits,…