February 28, 2024
Hong Kong was facing internal and external challenges and opportunities in its economic development, and this year's budget actively promoted the development of Hong Kong's economy on all fronts. It aimed at stimulating the market, supporting small and medium-sized enterprises, promoting innovation and technology industries, building the Hong Kong brand, promoting the upgrade development of tourism, deepening ties with the mainland and the "Belt and Road" economic entities, and further promoting the development of Hong Kong's eight centers. The budget also appropriately proposed measures to support citizens and enterprises, while taking into consideration the Government’s financial situation. The DAB believed that this year's budget was flexible to respond the needs of the times and pragmatic.
In terms of simulating the market, the Budget took up some recommendations made by the DAB, and scrap property transaction taxes, and relaxing property mortgage loans, to stimulate recovery, and the DAB welcomed this. In addition, there were many positive measures to promote financial markets, trade, tourism, innovation and technology, new industries and digital economy.
In terms of stabilizing the Government’s financial situation, the Budget also took up the DAB recommendations. The Budget did not propose to increase fees related to public services, to avoid increasing the burden on citizens.
LegCo member Rock Chen said that green and sustainable financial development would be the future direction and he appreciated that the SAR government's investment for development.
LegCo member Kennedy Wong stated that establishment of economic and trade offices in Saudi Arabia and Malaysia carried strategic significance; in addition, he noticed that the 1 million reserved in the BUD fund for e-commerce companies only applied to mainland e-commerce companies. He suggested that e-commerce development in the Middle East and ASEAN regions should be included.
LegCo member Elizabeth Quat appreciated that the Government strengthened measures to promote innovation and technology, Web 3.0 and green financial technology, and invest resources in improving digital inclusion.
LegCo member Holden Chow welcomed the Government’s prompt actions to scrap the property transaction tazes. He also welcomed the $10 billion New Industrialisation Acceleration Scheme, to provide funding support on a matching basis up to $200 million.
LegCo member Brave Chan welcomed the Government's efforts to accelerate financial cooperation in Hong Kong-Shenzhen Innovation and Technology Park and the Greater Bay Area, including increasing the individual investor quota to RMB 3 million in Cross-boundary Wealth Management Connect (WMC) Scheme.
LegCo member Vincent Cheng hoped that in the future, the Government would increase art and cultural activities, summits and other major events, and launch the HK Pass measure to attract more tourists to Hong Kong, especially during tourism non-peak seasons.
LegCo member Edward Lau welcomed the Government's move towards green development in land and housing development.
LegCo member Nixie Lam was glad to see the Government providing more exchange and internship opportunities for young people in the mainland and overseas, to deepen their understanding of the national situation and enhance their sense of national identity.
LegCo member Ben Chan said that, although the maximum first registration tax concession for electric private cars granted under the “One-for-One Replacement” Scheme had been adjusted to $172,500 from $287,500, the tax concessions were continued to meet the needs of car owners while taking into consideration the Government’s financial situation.
Press contact: DAB Gary Chan, DAB Chairman (2524 9191)