The Hong Kong Special Administrative Region government's 2025/26 fiscal year budget was released on the 26th. While promoting development, reform and innovation, the budget focuses on controlling public expenditure and moderately increasing revenue. People here believe that this is a comprehensive, stable and pragmatic budget, which further strengthens the confidence of all sectors of society in the future.
The new fiscal budget proposes a "strengthened version" of fiscal integration strategy: while maintaining and improving livelihood services, strict control of public expenditure; Moderately open up revenue while considering Hong Kong's competitiveness and the "user pays" principle; Flexibly utilize other public resources and market forces, accelerate development, and invest in the future.
The relevant measures have been endorsed by various sectors, believing that they can provide a sustainable financial foundation for Hong Kong's future development. The Chief Executive of the Hong Kong Special Administrative Region, Carrie Lam, stated that the budget proposes practical measures to improve public finances, with strict control of government spending as the main focus and increasing revenue as a supplement, steadily restoring balance between revenue and expenditure, while taking into account the actual social situation and Hong Kong's competitiveness.
The Hong Kong Chinese Manufacturers' Association stated that due to the continuous deficits in Hong Kong's public finances for several years, the budget proposes a "strengthened version" of fiscal consolidation strategy. The Manufacturers' Association appreciates the SAR government's leading role and courage to take responsibility, which will help enhance confidence in Hong Kong's gradual restoration of fiscal balance.
Yang Hebei, Director of the Civil Service Bureau of the Special Administrative Region Government, hopes that all civil servants will continue to work hard, with a mindset of daring to break through and innovate, further embrace technology, make good use of human resources, and accelerate efficiency.
The Chairman of the University Grants Committee, Lei Tianliang, stated that the definition of higher education must have the courage to take responsibility and work together with society. The UGC hopes that universities can effectively utilize precious public resources to do a good job in teaching and research, and steadfastly contribute to the development of Hong Kong as an international hub for tertiary education and the construction of an education powerhouse for the country.
The new budget highlights various aspects, focusing on upholding integrity and innovation, cultivating new quality productivity: reserving HKD 1 billion to establish the Hong Kong Artificial Intelligence Research and Development Institute, launching the HKD 180 million "Innovation Accelerator Pilot Program", reserving HKD 100 million to launch the "Manufacturing and Production Line Upgrade Support Pilot Program"
The Chief Secretary for Administration of the Hong Kong Special Administrative Region, Chen Guoji, believes that the budget strategically allocates resources to promote artificial intelligence as a key industry, empower industrial development through technology, actively cultivate emerging industries such as life and health technology, and strive to build Hong Kong into an international innovation and technology center.
Chen Diyuan, Chairman of the Hong Kong Innovation and Technology Development Association, stated that the new budget continues to focus on technological innovation, which not only demonstrates the vision and determination of the SAR government, but also paints a hopeful blueprint for Hong Kong's future.
When announcing the new budget, Chen Maobo, the Financial Secretary of the SAR Government, said that Hong Kong should grasp the strategic positioning of "three centers and one highland", make good use of the advantages of "one country, two systems", consolidate and upgrade advantageous industries with the solid support of the state, while actively cultivating and developing new industries, inject greater momentum into the Hong Kong economy, and enable Hong Kong to achieve faster and better development in the process of contributing to Chinese path to modernization.
Hong Kong people from all walks of life support the implementation of the budget by the SAR government, believing that the relevant measures will help boost the confidence of various sectors of society, stimulate economic growth momentum, and open up a new situation for Hong Kong's medium and long-term development.
The Hong Kong Securities and Futures Commission welcomes the various measures proposed in the budget to further enhance the competitive advantage of Hong Kong as an international financial center. Chairman Huang Tianyou stated that the measures will further promote the Hong Kong securities and derivatives market, consolidating Hong Kong's position as an asset and wealth management hub.
The convener of the Special Administrative Region Executive Council, Regina Ip, believes that this is a pragmatic and reform oriented budget that allows Hong Kong to better grasp the positioning of "three centers and one highland" and inject strong impetus into the economy.