Chen Maobo: Hong Kong's new financial budget will be announced on February 25th.

The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan Mo-po, announced in a blog post on the 11th that a new budget will be announced on February 25th. Thanks to the robust financial market, overall revenue, including stamp duties, has increased, allowing the government's operating accounts to return to surplus ahead of schedule. Due to increased investment in public works projects by the government, this year's capital account will still record a deficit. Paul Chan Mo-po stated that the Hong Kong economy is steadily developing. For example, the financial industry, which accounts for 26% of Hong Kong's GDP, performed well last year, bringing greater market demand and positive expectations to related industries. The trade industry, accounting for 15% of Hong Kong's GDP, also provided support to the overall economy last year due to strong exports. Major events attracted more visitors to Hong Kong, adding to a positive atmosphere in the market. This year marks the beginning of the national "15th Five-Year Plan," bringing new opportunities to Hong Kong. Paul Chan Mo-po pointed out that last year, the Hong Kong SAR Government proposed a strengthened version of the fiscal consolidation plan, which had a certain effect in controlling the growth of expenditure. The government's operating accounts were able to return to surplus ahead of schedule thanks to the robust financial market, including increased overall revenue from stamp duties. However, overall government spending continues to rise, with education, healthcare, and social welfare accounting for nearly 60% of government spending. The Hong Kong SAR Government needs to allocate resources accurately to maintain the sustainability of public services. "We also need to actively invest in the future, especially in accelerating the development of the northern metropolitan area," said Paul Chan Mo-po. With increased investment in public works projects by the Hong Kong SAR Government, this year's capital account will still record a deficit. The Hong Kong SAR Government will leverage market forces, including issuing bonds moderately, to support infrastructure development. Paul Chan Mo-po also stated that the current debt-to-GDP ratio of the Hong Kong SAR Government is approximately 12%, which is still at a very healthy level internationally. Over the next month, the Hong Kong SAR Government will continue to engage with various sectors of society, hoping that through the new budget, they can better unleash economic potential, enhance development momentum, benefit the people, and build a better future together.