Chen Maobo: "The Budget" balances short-term needs and long-term plans. "Fully withdraw spicy" aims to further improve market efficiency, liquidity and competitiveness.

On March 3rd, Financial Secretary Paul Chan Mo-po stated in his blog that Hong Kong's economy grew by 3.2% last year, and is expected to grow between 2.5-3.59% this year. High interest rates and continued geopolitical tensions have kept the asset markets weak, while changes in consumption patterns among citizens and tourists have put pressure on the retail and catering industries. He emphasized that the three main themes of the Budget include stabilizing short-term confidence and guiding market expectations, strengthening long-term economic development strategies, and ensuring the stability and sustainability of public finances. Paul Chan Mo-po mentioned that the cooling measures in the property market have been fully withdrawn, mainly due to careful consideration of the current market situation and sufficient future residential supply. He believes that these measures are no longer necessary. As for a series of measures to improve the listing system and optimize trading mechanisms, the aim is to further enhance market efficiency, liquidity, and competitiveness. He mentioned that in the past few days, various groups have expressed interest in sponsoring events involving drones or fireworks displays, and restaurants and retailers have been actively preparing for new promotional activities. He hopes to see more joint promotion activities to make Hong Kong's streets livelier. Paul Chan Mo-po also shared details of the Budget in his blog on February 28th. He mentioned the importance of stabilizing public confidence, especially during the COVID-19 pandemic and years of fiscal deficits. He highlighted the need for fiscal consolidation plans. Hong Kong's economy grew by 3.2% last year, and is expected to grow between 2.5% and 3.5% this year. With high interest rates and continued geopolitical tensions, the asset markets were weak last year, and changes in consumption patterns among citizens and tourists have created pressure on the retail and catering industries. The three main themes of the Budget are stabilizing short-term confidence and guiding market expectations, strengthening long-term economic development strategies, and ensuring the stability and sustainability of public finances. The cooling measures in the property market have been fully withdrawn after careful consideration of the current market situation and sufficient future residential supply. A series of measures to improve the listing system and optimize trading mechanisms aim to further enhance market efficiency, liquidity, and competitiveness. To respond to changes in consumption patterns among citizens and tourists, a series of measures have been taken to create unique tourism highlights. This will provide visitors and citizens with better itinerary planning and richer travel experiences. Various events and forums held in Hong Kong have attracted participants from different regions. This year, Hong Kong will host a variety of international events and forums, which will bring more business and leisure travel demand in the short term. Various activities held in Hong Kong in the previous week drew global participants. The events included the Hong Kong Green Week, which focused on green technology and green finance, attracting over 5,000 participants from various regions. Additionally, forums organized by international organizations brought top decision-makers to discuss climate financing potential in the Asia-Pacific region. Events such as the Hong Kong International Film Festival, Art Basel, the International Rugby Sevens, the Hong Kong Pop Culture Festival, and forums on investment and development are planned to stimulate local consumption demand. In addition to stabilizing confidence and guiding market expectations, focus is also on long-term development strategies. Enhancing Hong Kong's position in the "Eight Key Areas" under the 14th Five-Year Plan is a priority. Finance and innovation technology are two key engines for high-quality development in Hong Kong. The budget this year accelerates development in various fields, including artificial intelligence, life sciences, and new industrialization. In the financial sector, efforts are being made to deepen connectivity, and develop asset and wealth management, securities, and bond markets to strengthen and enhance Hong Kong's competitiveness in various financial services areas. In terms of its position as an international trade center, Hong Kong aims to become a hub for multinational supply chain management. As mainland manufacturers extend their production chain overseas, Hong Kong, as a leading financial and commercial center in the region, offers comprehensive financial, logistics management, and professional services. The city has rich resources and experience to support enterprises in expanding their overseas business opportunities and address various challenges. Efforts are being made to establish a one-stop service platform to integrate resources in every aspect.And take the initiative to enable these enterprises to make more comprehensive use of Hong Kong as a center for offshore trade management and cross-border supply chains, more effectively exploring new overseas markets.This budget proposal takes into account both short-term needs and points out the direction for long-term development. The key is to drive the overall economy towards high-quality development, make better use of technology, and provide greater and more sustainable development momentum for future economic growth.