Hong Kong's upcoming budget, to be unveiled on Wednesday, February 26th, will feature a turquoise blue cover, symbolizing "boundless opportunities in a blue ocean," according to Financial Secretary Paul Chan Mo-po. In a Sunday blog post, Chan detailed a budget focused on strengthening fiscal consolidation to address persistent deficits stemming from global economic challenges and domestic pressures.
Key initiatives include tighter control over government spending, service improvements for citizens, and the exploration of moderate revenue-raising measures based on the user-pays principle while maintaining Hong Kong's competitiveness. Chan highlighted the need to utilize public resources, market mechanisms, and national backing to spur growth in emerging industries, especially technology-driven sectors. He stated that capitalizing on technological advancements will modernize traditional industries, foster new economic drivers, and inject sustainable economic momentum.
The turquoise cover embodies both optimism about Hong Kong's potential for high-quality development and its resilience in the face of adversity, comparing the city's progress to "a vibrant lake teeming with life despite occasional storms." Chan reaffirmed the vital role of Beijing's support and collaboration with local partners in bolstering Hong Kong's confidence, advocating for adaptability to reforms and the pursuit of "first-mover advantages" in navigating global changes.