Hong Kong authorities are open to supporting universities in issuing bonds to fund the development of the proposed University Town in the Northern Metropolis, with lawmakers calling for a dedicated approval and credit rating mechanism. Financial Secretary Paul Chan Mo-po signalled the government’s intention during a meeting of the Legislative Council’s Finance Committee on Thursday,…
Hong Kong’s financial chief has defended his latest budget against public criticism over the lack of sweeteners, stressing that the government must balance its finances with long-term investments for the city’s benefit. Financial Secretary Paul Chan Mo-po said on Thursday he would brief credit-rating agencies and the International Monetary Fund next month on his budget,…
Hong Kong’s finance chief on Wednesday lived up to his credentials as a chartered accountant when he produced a surprisingly robust budget, flush with surpluses and full of initiatives to be funded through substantial means at his disposal. One significant initiative is a rare move to dip into the Exchange Fund, the government’s main investment…
The Hong Kong government has produced a consolidated surplus earlier than expected, its first in four years, ahead of a rare transfer into coffers from the Exchange Fund and other sources. Wednesday’s budget pointed to fund transfers of HK$127.83 billion (US$16.35 billion) and an 11.1 per cent jump in government revenues contributing to another surplus…
Hong Kong is betting big on innovation, artificial intelligence and redoubling its focus on its international financial centre role as it aligns its economic future with the country’s development goals, the financial secretary has said while unveiling a budget allocating billions of dollars to these sectors. Paul Chan Mo-po on Wednesday spotlighted the development of…
Hong Kong’s finance chief has set aside HK$30 billion (US$3.8 billion) to kick-start the Northern Metropolis in his latest budget, aiming to accelerate the megaproject through the government’s partnership with developers and tech enterprises. Financial Secretary Paul Chan Mo-po announced on Wednesday that three companies overseeing the Hetao Hong Kong Park, the San Tin Technopole…
Financial Secretary Paul Chan Mo-po has announced an array of industry spending and relief measures in Hong Kong’s budget, in response to the city’s quicker-than-expected return to a surplus of HK$2.9 billion (US$370.8 million) in its consolidated account. In a two-hour address to the Legislative Council on Wednesday, Chan pledged substantial government support and investment…
Hong Kong Financial Secretary Paul Chan Mo-po will deliver his annual budget on Wednesday, unveiling measures to accelerate the city’s economic recovery after balancing the books, amid mounting expectations for more “sweeteners” in the blueprint. The 2026-27 budget also marks the government’s first major test in aligning the city with mainland China’s 15th five-year plan…
Hong Kong’s finance chief will earmark substantial funds for a new innovation hub near the border with mainland China and include incentives to attract more aerospace players to the city in his budget, government sources have said. Highlighting innovation as a key theme of Financial Secretary Paul Chan Mo-po’s budget speech to be delivered on…
Hong Kong’s coming annual budget must address critical bottlenecks in technology and talent attraction to pave the way for the city’s first five-year development framework in line with national priorities, according to observers. The budget, to be delivered by Financial Secretary Paul Chan Mo-po on Wednesday, is more than a fiscal exercise. It is viewed…