Hong Kong's Financial Secretary Paul Chan Mo-po delivers his annual budget speech at the Legislative Council in Hong Kong on Feb 28, 2024. (CALVIN NG / CHINA DAILY)

HONG KONG - Hong Kong's Chief Executive John Lee Ka-chiu praised Financial Secretary Paul Chan Mo-po's second budget of the current-term government. 

Lee said Chan's budget proposed a series of concrete measures to bolster confidence, respond to the expectations of the public and enterprises and consolidate the momentum of recovery. 

"Taking a long-term view, we are committed to promoting Hong Kong's high-quality development, accelerating the growth of strategic industries, nurturing talent and strengthening our competitiveness," the CE said. 

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Taking a long-term view, we are committed to promoting Hong Kong's high-quality development, accelerating the growth of strategic industries, nurturing talent and strengthening our competitiveness.

John Lee Ka-chiu, Chief Executive

He said Chan had provided adequate resources to fully support the initiatives announced in the 2023 Policy Address. 

Chief Secretary for Administration Eric Chan Kwok-ki said the budget provided targeted relief for enterprises and citizens to speed up post-pandemic recovery. 

He also said the proposals allowed for timely adjustments to be made to the demand-side management measures of the property market as well as facilitating better integration into the national development. He praised the fiscal consolidation program to control government expenditure and increase government revenue.

"I consider that the latest budget steadfastly seeks progress while ensuring stability," Chan said. 

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Chairman of the Transport Advisory Committee Stephen Cheung Yan-leung welcomed the traffic and transport-related initiatives set out in 2024-25 Budget.

He said the government is taking forward the railway and major road projects set out in the Hong Kong Major Transport Infrastructure Development Blueprint, and plans to invite within the year suppliers and operators for the smart and green mass transit systems in East Kowloon, Kai Tak and Hung Shui Kiu/Ha Tsuen.

He also noted that SAR authorities will continue to work with their Shenzhen counterparts to take forward the Hong Kong‑Shenzhen Western Rail Link and the Northern Link Spur Line.

“I support the government to strengthen connections between different areas and unleash the development potential of areas along transport infrastructure,” Cheung said.

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Regina Ip Lau Suk-yee, convenor of the Executive Council, said she was pleased with the cancellation of all cooling measures for residential properties while at the same time maintaining the stability of the banking sector.

“We are also appreciative of the plan the Financial Secretary unveiled that he will put forward a plan to control government expenditure, especially items that are going at a super-fast level, and will implement certain tax reform to impose a higher tax rate for those earning more than HK$5 million per year and to impose a progressive rating system on properties,” Ip said.

“On the whole, we consider this to be a highly comprehensive and prudent financial budget that will help Hong Kong return to growth and keep public expenditure under control,” she added.