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Budget 2024 Key Takeaways: Careful balance of revenue and deficit to continue

Hong Kong’s Financial Secretary Paul Chan Mo-po delivered the 2024-2025 Budget speech on Wednesday, announcing policies to strive for high-quality development while sustaining a solid economy. Top the list is the cancellations of property cooling measures, with Special Stamp Duty, Buyers’ Stamp Duty and New Residential Stamp Duty scrapped with immediate effect.

For the coming fiscal year, the total government expenditure will increase by about 6.7% to HK$776.9 billion, while the total government revenue is estimated to be HK$633 billion. Chan expects that there will be a deficit of HK$48.1 billion for the year, and fiscal reserves will decrease to HK$685.1 billion.

Here are the key takeaways of this year’s budget plan.


《The Young Reporter》

The Young Reporter (TYR) started as a newspaper in 1969. Today, it is published across multiple media platforms and updated constantly to bring the latest news and analyses to its readers.


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