Budget 2023-24 aligned with government’s policy direction, says chief secretary

Some of the measures include consumption vouchers for eligible citizens.

The proposed 2023-24 budget is in line with the policy direction of the government to develop the economy and to boost the livelihood of the people, said Chief Secretary for Administration Chan Kwok-ki.

“While opportunities and challenges both lie ahead, ensuring opportunities outnumber challenges is the key in this year's Budget. While ensuring public finance sustainability, the Budget has to create strong impetus for growth and enhance people's well-being,” he said. 

The chief secretary noted measures under the budget to help people in Hong Kong and enterprises achieve full normality such as reduction, waiver or subsidy in items such as specified taxes, rates, electricity charges and public transport fares, amongst others.

He also cited two city-wide initiatives that will boost local consumption which include the consumption voucher scheme providing $5,000 each to eligible citizens, and the “Happy Hong Kong Campaign.”

The budget also strengthens investment efforts such as allotting for the “eight centres” development under the National 14th Five-Year Plan. It also included measures to push for innovation and technology application and development.

Chan said the budget will also support the market’s strengths in financial and professional services with the launch of the Capital Investment Entrant Scheme to boost the talent pool and attract capital.

“I fully support this year's Budget. I hope the Legislative Council can scrutinise and approve the appropriation bill as soon as possible, so that the various measures can be implemented in a timely manner to chart a brighter future for Hong Kong,” he said.