Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po, delivered the 2023/24 budget speech on 22 February 2023. The speech highlights the development of the digital economy and the funding of international innovation and technology centers. This page summarized the major proposals with technology development in Hong Kong.

1. High Quality Development of Digital Economy

The Hong Kong Budget is devoted to growth and the city’s economy is expected to rebound as a stronger and more varied metropolis despite obstacles.
The budget for this year is well-balanced, including measures for both individuals and businesses in a variety of industries, as well as short-term solutions to the problems caused by the present pandemic and longer-term solutions to clear the way for recovery.

2. Set up a Green Technology and Finance Development Committee

Contrasted with the Government’s initial projection of a HK$101.6 billion deficit, the revised predicted surplus of HK$18.9 billion for 2021/22 during the epidemic shows Hong Kong has robust financial health, indicating that the city can get back on track once the epidemic crisis is under control. The excess is caused in part by higher-than-anticipated tax and land premium collections, as well as in part by the $35.1 billion in profits from the sale of green bonds. A cushion for any further future expenditures is provided by the anticipated fiscal reserves of HK$946.7 billion by the end of March 2022 (equal to 16 months of government spending), especially in light of Hong Kong’s current anti-epidemic demands.

3. Aligning with National Development Strategies – Innovation and Technology

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