https://www.scmp.com/rss/520803/feed Hong Kong finance chief Paul Chan Mo-po delivered his budget speech on February 26 amid a weakened economic environment and calls to ease the city's deficit. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Kun Tian Kun Tian China’s annual parliamentary “two sessions” have been framed as a show of resilience in a turbulent world. That framing is not wrong but it is incomplete. Beijing’s deliberately lower 2026 economic growth target is less an admission of weakness than a signal that the growth playbook is being rewritten. For Hong Kong, this is not background noise. It is a test of whether policy alignment can be converted into institutional credibility. When Premier Li Qiang delivered the government work report... https://www.scmp.com/opinion/hong-kong-opinion/article/3345773/why-chinas-economic-reset-credibility-test-hong-kong?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3345773/why-chinas-economic-reset-credibility-test-hong-kong?utm_source=rss_feed Tue, 10 Mar 2026 01:30:07 +0000 Mike Rowse Mike Rowse When he sits down later this month to finalise the budget for the coming financial year, Financial Secretary Paul Chan Mo-po will have some positive news in his pocket to balance against the many calls for additional spending. As some of those new demands are likely to be expensive and compelling, he will need all the help he can get. First, the good news. Hong Kong is heading for a surplus in public finances. In his 2025 budget, Chan forecast a deficit on the consolidated operating account of... https://www.scmp.com/opinion/hong-kong-opinion/article/3339281/why-hong-kong-must-resist-pressure-loosen-budget-discipline?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3339281/why-hong-kong-must-resist-pressure-loosen-budget-discipline?utm_source=rss_feed Sun, 11 Jan 2026 08:30:09 +0000 Willa Wu Willa Wu Hong Kong’s finance chief has revised the city’s deficit for the previous financial year to HK$80.3 billion (US$10.4 billion), 8 per cent lower than an earlier estimate, attributing the change to increased stamp duty income on stock trading and lower-than-expected departmental expenditure. Financial Secretary Paul Chan Mo-po on Wednesday also said that the government would only decide on a proposed fee for private cars crossing the border after “careful consideration” amid criticism from... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3308553/hong-kong-finance-chief-revises-2024-25-deficit-hk803-billion-down-8?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3308553/hong-kong-finance-chief-revises-2024-25-deficit-hk803-billion-down-8?utm_source=rss_feed Wed, 30 Apr 2025 09:55:03 +0000 It looks like things are changing at Tamar. The heat has definitely been turned up in the Legislative Council. Harsh words flew during last week’s two-day budget debate for the second reading of the Appropriation Bill 2025. The budget unveiled by Financial Secretary Paul Chan Mo-po in late February was the hardest one to stomach. It was also one of the most challenging, given the need to take away budget “sweeteners” and cut costs, and was never likely to go down well. So the fact the budget... https://www.scmp.com/opinion/hong-kong-opinion/article/3307073/legco-patriots-budget-criticism-warning-must-be-heard?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3307073/legco-patriots-budget-criticism-warning-must-be-heard?utm_source=rss_feed Mon, 21 Apr 2025 01:30:13 +0000 Emily Hung Emily Hung The scrapping of a HK$2,500 (US$322) government study grant could force up to 60 per cent of underprivileged Hong Kong parents to cut back on their children’s extracurricular activities and educational support, according to a survey by two concern groups. The poll was published on Tuesday by Care for Carers and the Alliance for Children Development Rights, with both organisations urging authorities to retain the scheme to alleviate the financial stress placed on needy families. “Scrapping the... https://www.scmp.com/news/hong-kong/society/article/3306602/axing-hk2500-study-grant-could-force-60-needy-hongkongers-cut-back?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3306602/axing-hk2500-study-grant-could-force-60-needy-hongkongers-cut-back?utm_source=rss_feed Tue, 15 Apr 2025 08:58:28 +0000 Vivian Au Vivian Au Lawmakers have questioned the need to create three more positions in the office of Hong Kong’s leader amid the budget deficit, but an official has stressed the roles will support a “new culture” of better informing the public about policies. The planned recruitment involved two information officers and a driver, who will cost taxpayers HK$2.66 million (US$342,000) annually in total. The budget for the Chief Executive’s Office reached HK$130 million this year, after increasing by 7.8 per cent, or... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3305567/hong-kong-lawmakers-question-need-3-new-roles-chief-executives-office?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3305567/hong-kong-lawmakers-question-need-3-new-roles-chief-executives-office?utm_source=rss_feed Mon, 07 Apr 2025 15:42:32 +0000 Hong Kong’s public finances are crumbling. For decades, the city’s fiscal health relied heavily on land sales. Between 2012 and 2022, land sales contributed an average of 14 per cent of government revenue. However, in 2024-25, land sales plunged to just 1 per cent of revenue, or about HK$6.6 billion (US$848 million), a stark contrast to the average of HK$77.9 billion for the preceding decade. At the same time, stamp duty revenues have also fallen off. A revival of these revenues is unlikely in... https://www.scmp.com/opinion/hong-kong-opinion/article/3304862/how-hong-kong-can-reimagine-its-greatest-asset-peoples-homes?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3304862/how-hong-kong-can-reimagine-its-greatest-asset-peoples-homes?utm_source=rss_feed Fri, 04 Apr 2025 21:30:09 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification Hong Kong has set ambitious climate targets, aiming to cut emissions in half by 2035, compared to 2005 levels, and achieve carbon neutrality by 2050. The Climate Action Plan 2050 outlines strategies... https://www.scmp.com/opinion/letters/article/3304996/carbon-tax-no-longer-option-hong-kong-necessity?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3304996/carbon-tax-no-longer-option-hong-kong-necessity?utm_source=rss_feed Fri, 04 Apr 2025 03:30:08 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification The Rugby Sevens has proven the new stadium at Hong Kong’s Kai Tak Sports Park to be a great venue. Hats off to all involved in the stadium development on operations – the stadium project team, the... https://www.scmp.com/opinion/letters/article/3304868/hong-kong-sevens-delivers-winner-kai-tak-stadium?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3304868/hong-kong-sevens-delivers-winner-kai-tak-stadium?utm_source=rss_feed Thu, 03 Apr 2025 03:30:08 +0000 Few things worry ordinary citizens as much as a surge in healthcare costs. On March 25, the Hong Kong government announced a sweeping overhaul of public healthcare fees, with increases that cannot be ignored. The price of a visit to the accident and emergency department will more than double to HK$400 (US$51.45) from HK$180, specialist outpatient fees will jump to HK$250 from HK$80 and hospital inpatient charges will go up to HK$300 a day from HK$120. For a city already grappling with rising... https://www.scmp.com/opinion/hong-kong-opinion/article/3304431/struggling-hongkongers-rise-healthcare-fees-just-adds-hardship?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3304431/struggling-hongkongers-rise-healthcare-fees-just-adds-hardship?utm_source=rss_feed Wed, 02 Apr 2025 01:30:09 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s property sales increased to the highest level in four months in March, according to the latest official data as a resurgent stock market and a lower tax scheme for homes spurred sentiment. Sales of new and lived-in homes, shops, office units, car parking spaces and industrial properties jumped 55 per cent in March from a month earlier to 6,661 lots, while the transaction value soared 61 per cent to around HK$45.65 billion (US$5.9 billion), according to Land Registry data released on... https://www.scmp.com/business/article/3304795/hong-kongs-march-property-sales-rise-4-month-high-sign-improving-sentiment?utm_source=rss_feed https://www.scmp.com/business/article/3304795/hong-kongs-march-property-sales-rise-4-month-high-sign-improving-sentiment?utm_source=rss_feed Wed, 02 Apr 2025 00:30:07 +0000 The government’s recent decision to significantly increase public hospital fees has reignited concerns about the long-term sustainability of the system. Hong Kong’s reliance on a tax-funded model is becoming fiscally unsustainable. Rather than merely raising charges for medical services, a comprehensive and forward-thinking approach to healthcare financing reform is urgently needed. Decades of reliance on a predominantly tax-funded, single-payer system have led to an unsustainable trajectory. As... https://www.scmp.com/opinion/hong-kong-opinion/article/3303960/fee-increases-wont-solve-hong-kongs-healthcare-financing-crisis?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3303960/fee-increases-wont-solve-hong-kongs-healthcare-financing-crisis?utm_source=rss_feed Sun, 30 Mar 2025 01:30:08 +0000 I apologise for returning so soon to the subject of Hong Kong’s public finances. However, I still don’t think the population at large, and in particular, our Legislative Council members, have fully grasped the extent of our present difficulties. Part of the reason is a presentational issue. The operating account is reported on a cash basis, literally cash in and cash out. This includes what is happening on a fiscal basis but also brings in all sorts of extraneous items that can obscure the... https://www.scmp.com/opinion/hong-kong-opinion/article/3303111/how-hong-kong-can-dig-itself-out-recurring-deficits?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3303111/how-hong-kong-can-dig-itself-out-recurring-deficits?utm_source=rss_feed Sun, 23 Mar 2025 08:30:09 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification Financial Secretary Paul Chan Mo-po’s latest budget has been criticised for not going far enough to cut costs to deal with the deficit. The HK$2,500 (US$321) education subsidy will be scrapped.... https://www.scmp.com/opinion/letters/article/3303001/hong-kong-could-take-leaf-out-us-cost-cutting-book?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3303001/hong-kong-could-take-leaf-out-us-cost-cutting-book?utm_source=rss_feed Thu, 20 Mar 2025 06:30:07 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification In these challenging financial times, I must speak up about how the planned budget reductions could affect our community’s most vulnerable members. As a Legislative Council member representing... https://www.scmp.com/opinion/letters/article/3302673/hong-kong-mustnt-balance-its-books-backs-most-vulnerable?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3302673/hong-kong-mustnt-balance-its-books-backs-most-vulnerable?utm_source=rss_feed Tue, 18 Mar 2025 03:30:07 +0000 Ng Kang-chung Ng Kang-chung Hong Kong will retain the eligibility age for the HK$2 (26 US cents) public transport concessionary fare while overhauling other aspects of the scheme, despite data showing that younger users account for the bulk of the subsidy expense, the welfare minister has said. Chris Sun Yuk-han said on Saturday that society should not distinguish among older residents, as they should all be treated as “elders”. “Our aim is to keep the scheme simple and easy to understand,” the secretary for labour and... https://www.scmp.com/news/hong-kong/transport/article/3302535/no-plans-split-elderly-groups-hk2-transport-fare-hong-kong-minister?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3302535/no-plans-split-elderly-groups-hk2-transport-fare-hong-kong-minister?utm_source=rss_feed Sat, 15 Mar 2025 13:44:57 +0000 Ng Kang-chung Ng Kang-chung More than half of people are unhappy about the Hong Kong government’s budget, with nearly 70 per cent of respondents calling measures to boost revenue inadequate, a survey has found. The telephone poll, conducted by the Chinese University of Hong Kong’s Institute of Asia-Pacific Studies from February 26 to March 11, also found that more than 60 per cent of the 711 respondents believed that the government had not done enough to cut its spending. Respondents were also divided on new limits to be... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3302440/most-see-cost-cutting-moves-inadequate-mild-hong-kong-budget-survey?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3302440/most-see-cost-cutting-moves-inadequate-mild-hong-kong-budget-survey?utm_source=rss_feed Fri, 14 Mar 2025 11:00:27 +0000 Connor Mycroft Connor Mycroft Savings brought about by Hong Kong’s revamp of its HK$2 (26 US cents) transport fare scheme are “insignificant” and the programme itself is more generous than similar ones in other major cities, according to the legislature’s research arm. In a briefing published on Thursday, the Legislative Council Secretariat also said that the recent decision to freeze the pay of civil servants was expected to save about HK$8.7 billion in the coming financial year. But a plan to cut 10,000 positions from the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3302295/savings-hong-kong-transport-scheme-revamp-insignificant-legco-research-arm?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3302295/savings-hong-kong-transport-scheme-revamp-insignificant-legco-research-arm?utm_source=rss_feed Thu, 13 Mar 2025 23:30:08 +0000 Financial Secretary Paul Chan Mo-po’s decision to rein in the HK$2 (26 US cents) public transport concessionary fare scheme has given rise to the public perception that the Hong Kong government regards ageing as a fiscal burden. This sentiment is hardly new. Whenever elderly care is discussed, it seems to be framed as a zero-sum debate where policymakers are stuck between the dilemma of tax increases or welfare cuts. This overlooks the dual economic role of senior citizens as consumers and... https://www.scmp.com/opinion/hong-kong-opinion/article/3301842/hong-kong-seniors-are-economic-force-not-budget-write?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3301842/hong-kong-seniors-are-economic-force-not-budget-write?utm_source=rss_feed Thu, 13 Mar 2025 01:30:08 +0000 As an artificial intelligence (AI) craze sweeps across China following the rise of DeepSeek and Unitree Robotics, Hong Kong is eager to get on the bandwagon. In unveiling Hong Kong’s 2025-26 budget late last month, Financial Secretary Paul Chan Mo-po expressed enthusiasm about the prospect of turning the city into “an international exchange and cooperation hub for the AI industry”. As a result, he has earmarked HK$1 billion (US$128.6 million) to establish the Hong Kong AI Research and... https://www.scmp.com/opinion/hong-kong-opinion/article/3301422/hong-kong-must-avoid-jumping-ai-bandwagon-and-focus-what-it-does-best?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3301422/hong-kong-must-avoid-jumping-ai-bandwagon-and-focus-what-it-does-best?utm_source=rss_feed Sun, 09 Mar 2025 21:30:09 +0000 The concessionary HK$2 transport fare scheme for the elderly and persons with disabilities began life with clear objectives and manageable costs. It was well intentioned and made a meaningful difference to the lives of the intended beneficiaries. Unfortunately, it then lost focus, was extended to hundreds of thousands of less deserving individuals and the costs rose exponentially. Hence the attempt in this year’s budget to rein the scheme in and bring the costs under control. However the... https://www.scmp.com/opinion/hong-kong-opinion/article/3301469/just-move-hong-kongs-hk2-transport-fare-qualifying-age-back-65?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3301469/just-move-hong-kongs-hk2-transport-fare-qualifying-age-back-65?utm_source=rss_feed Sun, 09 Mar 2025 08:30:08 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification It has now been over 25 years since Hong Kong returned to Chinese rule. However, many of the colonial-era policies and systems have not really changed. Today, we have a chief executive with three... https://www.scmp.com/opinion/letters/article/3301238/hong-kong-needs-complete-review-government-structure-and-efficiency?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3301238/hong-kong-needs-complete-review-government-structure-and-efficiency?utm_source=rss_feed Fri, 07 Mar 2025 03:30:08 +0000 Hong Kong’s recent budget measures, announced by Financial Secretary Paul Chan Mo-po, aim to balance fiscal prudence with economic recovery by increasing revenue while controlling government expenditure and minimising the impact on the public. They highlight the city’s struggle to implement sustainable solutions to its structural fiscal issues, which have persisted for years. Key budget measures include a pay freeze for civil servants – including personnel in the executive authorities,... https://www.scmp.com/opinion/hong-kong-opinion/article/3301198/pay-freezes-wont-fix-hong-kongs-chronic-fiscal-problems?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3301198/pay-freezes-wont-fix-hong-kongs-chronic-fiscal-problems?utm_source=rss_feed Fri, 07 Mar 2025 01:30:09 +0000 Cannix Yau Cannix Yau A leading French aeronautic services company plans to set up an aircraft parts processing and trading centre at Hong Kong’s airport and the Northern Metropolis, which will generate thousands of jobs and open up a lucrative industry as the first of its kind in Asia, the Post has learned. A source said on Friday that authorities would explain the details about setting up the facility and its partnership with the French service provider at a later date. The unveiling of further information had... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3301376/innovative-aircraft-processing-plant-planned-hong-kongs-northern-metropolis?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3301376/innovative-aircraft-processing-plant-planned-hong-kongs-northern-metropolis?utm_source=rss_feed Fri, 07 Mar 2025 00:30:09 +0000 Natalie Wong Natalie Wong The Hong Kong government has disputed a report by an American credit rating agency that described the local property market as suffering from oversupply, as officials stressed that the data showed there was strong housing demand. Authorities responded on Thursday after S&P Global Ratings published its report that said the government was not aggressively addressing surplus housing supply. The company also considered the oversupply of office space to be the “most acute” problem facing the... https://www.scmp.com/news/hong-kong/society/article/3301368/hong-kong-rejects-us-credit-rating-agencys-report-property-market-oversupply?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3301368/hong-kong-rejects-us-credit-rating-agencys-report-property-market-oversupply?utm_source=rss_feed Thu, 06 Mar 2025 14:14:58 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification In our rapidly evolving world, Hong Kong must adapt and harness digital technology to manage its most precious resource – water. At the moment, however, Hong Kong is lagging far behind other world... https://www.scmp.com/opinion/letters/article/3300811/hong-kong-needs-smarter-approach-water-management?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3300811/hong-kong-needs-smarter-approach-water-management?utm_source=rss_feed Tue, 04 Mar 2025 03:30:09 +0000 Oscar Liu Oscar Liu Services and staffing levels of social welfare organisations in Hong Kong will be hit by the government plan to cut funding by as much as 7 percent in the coming three financial years, lawmakers and operators have warned. The sector raised their concerns after they were briefed on Monday by Secretary for Labour and Welfare Chris Sun Yuk-han about the funding cut aimed to ease the pressure on the public coffers after the finance chief announced the deficit had reached HK$87.2 billion (US$11.2... https://www.scmp.com/news/hong-kong/society/article/3300894/hong-kong-social-welfare-groups-fear-budget-cuts-will-hurt-service?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3300894/hong-kong-social-welfare-groups-fear-budget-cuts-will-hurt-service?utm_source=rss_feed Tue, 04 Mar 2025 00:30:17 +0000 Wynna Wong Wynna Wong Finance ministers from developed Western economies would “be happy” to have Hong Kong’s level of deficits and reserves, economic experts have said, stressing that the city remains robust financially while having more room for bond issuances. The economists were speaking at a panel discussion on Monday at the Redefining Hong Kong Series 2025: Budget Edition forum, organised by the South China Morning Post. “Hong Kong is in an astonishingly strong fiscal position, more than any other developed... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300887/western-countries-would-envy-hong-kongs-financial-position-experts-say?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300887/western-countries-would-envy-hong-kongs-financial-position-experts-say?utm_source=rss_feed Mon, 03 Mar 2025 13:18:23 +0000 Emily Hung Emily Hung Hong Kong will not be deterred by geopolitical tensions in its pursuit of economic growth as it will invest in the future, including pressing on with the Northern Metropolis project despite the cost and pushing for the development of artificial intelligence (AI), the finance chief has pledged. At a forum on Monday about the recent budget, Financial Secretary Paul Chan Mo-po also dismissed a “wrongly based” warning by credit rating agency Fitch about the city’s fiscal health, pointing out that... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300807/hong-kongs-finance-chief-dismisses-warning-fitch-credit-ratings-agency?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300807/hong-kongs-finance-chief-dismisses-warning-fitch-credit-ratings-agency?utm_source=rss_feed Mon, 03 Mar 2025 06:16:40 +0000 Last week, Hong Kong released its hardest budget yet. It’s hard because of the need for austerity measures that most previous budgets didn’t face. This city used to have reserves other economies could only dream of. Some may remember when the budget spotlight used to be on accusing the financial secretary of being a miser, for hoarding the incredible surplus and not sharing enough of the wealth with people. For the sake of our younger readers and those with shorter memories, let’s indulge in a... https://www.scmp.com/opinion/hong-kong-opinion/article/3300599/why-hong-kongs-austere-budget-hard-public-swallow?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3300599/why-hong-kongs-austere-budget-hard-public-swallow?utm_source=rss_feed Mon, 03 Mar 2025 01:30:09 +0000 Financial Secretary Paul Chan Mo-po was caught between a rock and a hard place as he drew up the budget for the financial year 2025-26. Ever since he disclosed at a meeting in the Legislative Council last December that the government would run a fiscal deficit for the third consecutive year, and that it would amount to HK$100 billion in 2024-25, pressures have been mounting on him to take decisive measures to bring public finance back into a healthy balance. In fact, the financial secretary had... https://www.scmp.com/opinion/hong-kong-opinion/article/3300543/hong-kong-civil-service-needs-be-hauled-21st-century?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3300543/hong-kong-civil-service-needs-be-hauled-21st-century?utm_source=rss_feed Sun, 02 Mar 2025 01:30:09 +0000 The long-awaited opening of the Kai Tak Sports Park on Saturday is a landmark for Hong Kong, boosting the city’s ability to stage “mega-events” and help grow the economy. But with a deficit of HK$87.2 billion, sport might be able to help fill the government’s coffers in other ways. Financial Secretary Paul Chan Mo-po confirmed in his budget speech that the government will explore legalising betting on basketball matches. The move, which would add basketball to horse racing and football as sports... https://www.scmp.com/opinion/article/3300689/no-guaranteed-win-when-it-comes-legalised-gambling-sport?utm_source=rss_feed https://www.scmp.com/opinion/article/3300689/no-guaranteed-win-when-it-comes-legalised-gambling-sport?utm_source=rss_feed Sat, 01 Mar 2025 13:32:30 +0000 Edith Lin Edith Lin Hong Kong’s finance chief has rejected suggestions that his proposal to charge drivers as they cross the border into mainland China will hinder integration efforts, but he has left the door open to discussions on the fee amount. Paul Chan Mo-po insisted on Saturday that the proposed fee for drivers of private vehicles, one of the measures announced in his latest budget, would only affect 15 per cent of travellers heading to the mainland. “People claim that the boundary facilities fee will affect... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300671/hong-kongs-proposed-cross-border-car-fee-wont-harm-integration-paul-chan-says?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300671/hong-kongs-proposed-cross-border-car-fee-wont-harm-integration-paul-chan-says?utm_source=rss_feed Sat, 01 Mar 2025 08:44:30 +0000 Cannix Yau Cannix Yau Hong Kong’s finance chief should have been bolder in rolling out “groundbreaking” measures to cut spending on underperforming civil servants to plug the deficit, economists have said, as they poured cold water over the city’s capability to balance the books in two years amid rising global uncertainties. The experts held a pessimistic view of the city’s fiscal outlook, saying that Financial Secretary Paul Chan Mo-po’s budget this week lacked the bold reforms or innovative measures Beijing... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300654/hong-kongs-paul-chan-should-have-been-bolder-his-budget-economists-say?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300654/hong-kongs-paul-chan-should-have-been-bolder-his-budget-economists-say?utm_source=rss_feed Sat, 01 Mar 2025 04:57:41 +0000 Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification In his budget speech on February 26, Financial Secretary Paul Chan Mo-po announced two initiatives related to Hong Kong’s port sector. He allocated HK$215 million (US$27.6 million) for developing a... https://www.scmp.com/opinion/letters/article/3300570/why-most-hong-kongs-port-sector-should-set-sail-shenzhen?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3300570/why-most-hong-kongs-port-sector-should-set-sail-shenzhen?utm_source=rss_feed Sat, 01 Mar 2025 03:30:08 +0000 Vivian Au,Edith Lin Vivian Au,Edith Lin The Hong Kong government will offer eight small residential sites to developers in the coming financial year, aiming to provide about 4,450 private flats under the land sale programme. Secretary for Development Bernadette Linn Hon-ho said on Friday that the programme for the 2025-26 financial year would cover five new sites in districts with developed communities. Two are on Hong Kong Island, two are in Kowloon and four in the New Territories. “The market is warming up and the sites are likely... https://www.scmp.com/news/hong-kong/society/article/3300630/8-residential-sites-hong-kong-sell-2025-26-will-yield-4450-private-flats?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3300630/8-residential-sites-hong-kong-sell-2025-26-will-yield-4450-private-flats?utm_source=rss_feed Fri, 28 Feb 2025 14:51:14 +0000 Lam Ka-sing Lam Ka-sing Potential performances by Asian “superstar” singers at Kai Tak Sports Park will follow a string of mega-events in March, the tourism minister has said when asked whether Hong Kong has lost out again to Singapore on luring music icons such as Lady Gaga to the city. The highly anticipated grand opening of the sports park on Saturday kicks off an exciting month of events including the renowned Hong Kong Sevens rugby tournament. Secretary for Culture, Sports and Tourism Rosanna Law Shuk-pui said on... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300625/asian-superstar-singers-poised-grace-hong-kongs-kai-tak-sports-park?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300625/asian-superstar-singers-poised-grace-hong-kongs-kai-tak-sports-park?utm_source=rss_feed Fri, 28 Feb 2025 14:35:28 +0000 Edith Lin Edith Lin The impact on travellers and overall traffic will be examined in a study on introducing a boundary facilities fee to generate extra revenue for government coffers, Hong Kong’s transport minister has said. Secretary for Transport and Logistics Mable Chan also said on Friday that the administration was committed to fostering cross-border integration when asked if potentially charging a boundary facilities fee on private cars would go against central government policy. “Data on commuting via... https://www.scmp.com/news/hong-kong/transport/article/3300623/hong-kong-boundary-fee-study-will-look-impact-travellers-and-traffic?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3300623/hong-kong-boundary-fee-study-will-look-impact-travellers-and-traffic?utm_source=rss_feed Fri, 28 Feb 2025 13:53:30 +0000 Wynna Wong Wynna Wong The development of Hong Kong’s “soft power” will help to bring in more visitors and budget cuts for the tourism sector do not necessarily translate to less development for the industry, lawmakers and insiders have said. Their comments followed finance chief Paul Chan Mo-po’s budget on Wednesday, under which funding for the Tourism Board for the coming year will drop by around 19.1 per cent to HK$1.23 billion (US$157.7 million) amid an overall government deficit. Creative industries, meanwhile,... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300444/hong-kongs-creative-industries-can-give-tourist-sector-boost-experts-say?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300444/hong-kongs-creative-industries-can-give-tourist-sector-boost-experts-say?utm_source=rss_feed Fri, 28 Feb 2025 00:30:09 +0000 Emily Hung Emily Hung Hong Kong authorities can only apply a new pricing model for the HK$2 (25 US cent) transport fare scheme by September of next year because they need time to organise updates, checks and tests covering 17,000 Octopus card readers on vehicles and ferries, the welfare chief has said. Secretary for Labour and Welfare Chris Sun Yuk-han also revealed on Thursday that only 360 elderly or people with disabilities took more than 240 trips a month using the concessionary fare, based on data from last... https://www.scmp.com/news/hong-kong/society/article/3300440/no-alternative-hong-kongs-18-month-delay-hk2-fare-change-minister?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3300440/no-alternative-hong-kongs-18-month-delay-hk2-fare-change-minister?utm_source=rss_feed Thu, 27 Feb 2025 14:45:40 +0000 William Yiu William Yiu Hong Kong’s finance chief has crossed swords with lawmakers over the decision to axe a HK$2,500 (US$320) grant given annually to nearly 800,000 students, with the legislator for the educational functional constituency refuting the government’s claims the sector had been consulted over the move. At least four lawmakers expressed disapproval over the decision to scrap the measure during a Legislative Council Finance Committee meeting with Financial Secretary Paul Chan Mo-po on Thursday. The move... https://www.scmp.com/news/hong-kong/education/article/3300438/hong-kong-lawmaker-denies-ministers-claim-axing-student-subsidy-was-discussed?utm_source=rss_feed https://www.scmp.com/news/hong-kong/education/article/3300438/hong-kong-lawmaker-denies-ministers-claim-axing-student-subsidy-was-discussed?utm_source=rss_feed Thu, 27 Feb 2025 14:26:36 +0000 Hong Kong Golf Club said on Thursday it was excited by plans to bring LIV Golf to the city long-term, adding it would be “actively working with the government” to make it happen. In responding to Financial Secretary Paul Chan Mo-po’s 2025-26 budget statement the previous day, in which Chan referred to the possibility of it happening, the Fanling course said it would work to promote the tournament “as the most exciting annual golf event in the Greater Bay Area”. LIV Golf returns to the club next... https://www.scmp.com/sport/golf/article/3300435/hong-kongs-liv-golf-vision-fanling-club-working-government-multi-year-plan?utm_source=rss_feed https://www.scmp.com/sport/golf/article/3300435/hong-kongs-liv-golf-vision-fanling-club-working-government-multi-year-plan?utm_source=rss_feed Thu, 27 Feb 2025 13:51:05 +0000 William Yiu William Yiu Hong Kong aims to train more doctors to ease its long-term manpower crunch, with the city’s two medical schools receiving funding for an extra 60 places for undergraduate programmes in September, including 50 for graduates pursuing a second degree, budget documents show. The documents also revealed a 40 per cent increase in the number of places for computer science and information technology degree courses, the biggest surge among all university programmes as the government aims to make the city... https://www.scmp.com/news/hong-kong/education/article/3300431/hong-kongs-2-medical-schools-get-funding-extra-60-degree-places?utm_source=rss_feed https://www.scmp.com/news/hong-kong/education/article/3300431/hong-kongs-2-medical-schools-get-funding-extra-60-degree-places?utm_source=rss_feed Thu, 27 Feb 2025 13:30:19 +0000 Cannix Yau Cannix Yau Hong Kong’s innovation chief has praised a locally developed artificial intelligence (AI) tool powered by mainland China’s DeepSeek, saying it has ranked first in the world for safety, citing an undisclosed report and dismissing concerns about possible data leaks. Secretary for Innovation, Technology and Industry Sun Dong on Thursday gave the safety assurance over the ChatGPT-style tool, named “HKGAI V1”, a day after finance minister Paul Chan Mo-po underscored the need to develop AI in his... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300429/hong-kongs-deepseek-powered-ai-tool-ranks-first-world-safety-minister?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300429/hong-kongs-deepseek-powered-ai-tool-ranks-first-world-safety-minister?utm_source=rss_feed Thu, 27 Feb 2025 13:01:13 +0000 Emily Hung,Oscar Liu Emily Hung,Oscar Liu Hong Kong’s finance minister has set his sights on cutting expenditure through measures targeting elderly residents, students and civil servants, but work on megaprojects such as the Northern Metropolis will carry on despite the HK$87.2 billion (US$11.2 billion) deficit. The Post breaks down how much authorities plan to save following the unveiling of Financial Secretary Paul Chan Mo-po’s budget blueprint on Wednesday and whether this year’s edition differs from past versions. 1. How much will... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300411/budget-2025-how-much-will-hong-kong-save-and-does-plan-differ-past?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300411/budget-2025-how-much-will-hong-kong-save-and-does-plan-differ-past?utm_source=rss_feed Thu, 27 Feb 2025 10:31:28 +0000 Willa Wu Willa Wu Hong Kong will no longer rely heavily on land sales as the government’s major source of income, the city’s finance chief has said, even as lawmakers contend that the revenue stream is “irreplaceable”. Paul Chan Mo-po’s remarks in a legislative meeting on Thursday were in response to calls from lawmakers to make land bidding exercises more attractive to developers, a day after he announced in the budget that authorities would not sell commercial parcels in the coming financial year. The financial... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300381/hong-kong-reduce-dependence-land-sales-major-income-source-paul-chan?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300381/hong-kong-reduce-dependence-land-sales-major-income-source-paul-chan?utm_source=rss_feed Thu, 27 Feb 2025 09:03:40 +0000 Oscar Liu Oscar Liu Hong Kong must invest in megaprojects such as the Northern Metropolis to drive economic growth even if they cause deficits, the finance chief has said, while appealing for understanding from the middle class over a lack of sweeteners in the latest budget. Financial Secretary Paul Chan Mo-po further explained his fiscal philosophy on Thursday, saying that keeping expenditure within revenue limits should be the basis for managing the government’s operating account. While the government aimed to... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300328/investing-megaprojects-crucial-hong-kongs-growth-despite-deficits-paul-chan?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300328/investing-megaprojects-crucial-hong-kongs-growth-despite-deficits-paul-chan?utm_source=rss_feed Thu, 27 Feb 2025 05:40:05 +0000 We have put together stories from our coverage of the Hong Kong budget 2025-26 to help you stay informed. If you would like to see more of our reporting, please consider subscribing. 1. Hong Kong budget 2025: 13 things you need to know 2. Pay freeze for Hong Kong civil servants, with 10,000 government posts to be axed 3. Hong Kong to raise airport departure tax by 67% to HK$200 later in 2025 4. Hong Kong to embrace tech-driven growth with AI investment: Paul Chan 5. Why does Hong Kong need 18... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300296/hong-kong-budget-2025-everything-you-need-know-ai-basketball-betting?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300296/hong-kong-budget-2025-everything-you-need-know-ai-basketball-betting?utm_source=rss_feed Thu, 27 Feb 2025 02:54:09 +0000 Natalie Wong Natalie Wong Observers and economists have said Hong Kong’s “very mild” budget failed to promptly address government spending shortfalls and will not spark any uptick in consumption, as they called for more aggressive measures to boost revenue amid concerns over a structural fiscal crisis. Following the blueprint’s unveiling on Wednesday, some also expressed disappointment with the limited housing and land sale measures aimed at revitalising the market. Other critics said the absence of pay cuts for top... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300273/mild-hong-kong-budget-fails-deliver-amid-structural-deficit-fears-analysts?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3300273/mild-hong-kong-budget-fails-deliver-amid-structural-deficit-fears-analysts?utm_source=rss_feed Thu, 27 Feb 2025 00:30:09 +0000 Reform and innovation have rightly taken the lead in the budget this year. Financial Secretary Paul Chan Mo-po is seeking breakthroughs in economic development with investment in artificial intelligence (AI) and other reasonable initiatives, while working hard to reduce the impact on business and individuals with a raft of unpopular but necessary measures to tackle the deficit. In tabling his most difficult blueprint yet amid growing economic headwinds and fiscal constraints, Chan is well aware... https://www.scmp.com/opinion/comment/article/3300285/chan-pins-hopes-innovation-testing-budget-seeks-bring-gains-pain?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3300285/chan-pins-hopes-innovation-testing-budget-seeks-bring-gains-pain?utm_source=rss_feed Thu, 27 Feb 2025 00:15:07 +0000