This year, Heung Yee Kuk Chairman Lau Ye-keung drew the 24th fortune for Hong Kong, which reads "Don't be greedy." For the past eight years, whether it was a sign of Che Kung's influence, Hong Kong's fortunes have consistently been favorable. This year's fortune reads, "If you have a noble person to encourage you, don't waste your efforts." With Financial Secretary Paul Chan Mo-po set to unveil his new budget at the end of February, will the SAR government take this opportunity to reflect on whether its measures have been overly greedy, reckless, and unnecessary?
After three consecutive years of deficits exceeding 100 billion yuan, the government's fiscal situation improved slightly this year thanks to a stabilizing property market, a rebound in tax revenue, and bond issuance. However, facing the dual challenges of global economic volatility and an aging local population, balancing revenue generation with expenditure reduction became a core issue in the budget.
Fiscal status: Deficit narrows but structural pressure remains
The SAR government is emphasizing its commitment to boosting the economy, including using taxpayer funds to fund major and minor events. In the first half of this year alone, there were 93 major events. Calculated on a daily basis, this translates to one event every two days, leading to a sense of "event fatigue" among the public.
