Budget consultation begins

The Government today launched the public consultation exercise for the 2023-24 Budget.


Financial Secretary Paul Chan explained that the COVID-19 pandemic and geopolitical situation have led to global supply chain disruptions, high inflation, interest rate hikes and tightened monetary conditions.


As a result, he said Hong Kong’s economy is under relatively greater downward pressure and is expected to contract by 3.2% this year.


Looking to the year ahead, Mr Chan pointed out that the external environment will still be complex and challenging, but as Hong Kong’s connection and exchanges with the Mainland and the rest of the world resume normal gradually, the city’s economy will likely gather stream again.


When preparing for the 2023-24 Budget, the Financial Secretary said the Government will, on the one hand, continue to strive for stabilising and stimulating the economy as well as easing the pressure on members of the public and businesses and, on the other hand, plan for Hong Kong’s long-term development and allocate resources appropriately.


“I invite members of the community to actively express their views on the coming Budget. Let us join hands to paint a brighter future for Hong Kong.”


People can give their views via the thematic website or by email.