Financial Secretary delivers 2017-2018 Budget - 22 February 2017

Budget to boost Hong Kong's pillar industries and promote diversified economic development

    Hong Kong's Financial Secretary, Mr Paul Chan, presented his 2017-2018 Budget to the Legislative Council on Wednesday 22 February 2017.

    He announced that the overall revenue for the Hong Kong Special Administrative Region Government in the financial year 2016-2017 is estimated to be HK$559.5 billion (EUR 68.66 billion) while the expenditure is expected to reach HK$466.7 billion (EUR 57.27 billion).  With a fiscal surplus of HK$92.8 billion (EUR 11.38 billion), the fiscal reserves are expected to reach HK$935.7 billion (EUR 114.82 billion) by 31 March 2017.  All of the surplus will be returned to the people through one-off relief measures including tax breaks and rates rebates worth HK$35.1 billion (EUR 4.30 billion) and longer-term investments of HK$61 billion (EUR 7.48 billion) for community benefit in areas such as elderly services, sports and recreation facilities, innovation and technology as well as youth development.

    Mr Chan pledged to boost pillar industries, promote diversified economic development and invest in the future.  While recognising the effect of market forces, the Government should play an active role as a facilitator by taking forward appropriate policies with the optimal use of public resources.
 
Economic Performance in 2016

Economic Outlook for 2017

Taxation

Enhancing pillar industries

          Mr Chan announced a series of measures to enhance Hong Kong's pillar industries (trade and logistics, financial services, tourism, and business and professional services, which together account for 60% of Hong Kong's GDP).

Trade and Logistics

Financial Services

Business

Tourism

Supporting other industries

    The Financial Secretary said that while strengthening its pillar industries, Hong Kong will seize the opportunities and support the development of industries where it has advantages, as well as emerging industries, to further diversify its economy.

Full details of the 2017-2018 Budget here.