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Financial Secretary unveils the 2022-23 Budget - 23 February 2022

The Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) Government, Mr Paul Chan, unveiled the 2022-23 Budget on 23 February 2022.

Initiatives focus on four main areas:

Details

Hong Kong’s overall economy saw a visible recovery in 2021 with a growth of 6.4%, reversing the declining trend in the past two consecutive years. Having regard to the latest local and external situations as well as the stimulus effect of the fiscal measures, it is forecasted that Hong Kong’s economy will put up a better performance in the second half of 2022 and achieve growth of 2 - 3.5% in real terms for the year as a whole.

For financial year 2021/22 (ending 31 March 2022), a surplus of HK$18.9 billion (EUR 2.13 billion) is forecasted. Fiscal reserves are expected to be HK$946.7 billion (EUR 106.95 billion) by end March 2022, equivalent to 16 months of government expenditure. For 2022/23, due to the expenses for one-off relief measures and anti-epidemic measures, a deficit of HK$56.3 billion (EUR 6.36 billion) is forecasted, equivalent to 1.9% of GDP. Fiscal balance is expected from 2023/24.

Key initiatives in the Budget are set out below -

Fighting the Virus Together

Tax relief and other concessions

Development of Industries

Innovation and technology

Financial Services

Arts and Culture

Maritime

Investment promotion

Initiatives to build capacity and build a liveable city

The full text of the 2022-23 Budget is available here.  

 

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