Financial Secretary says government must manage finances prudently

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Financial Secretary Paul Chan will unveil the new Budget on Wednesday.

In his latest blog post, Chan uploaded an image of the new Budget. The cover is purple, which he said symbolizes that amid a rapidly changing external environment, Hong Kong’s economy is continuing to build stronger internal momentum.

Chan said that he has gathered different views over the past period, but how resources are allocated is often constrained by real-world conditions. Inevitably, priorities have to be set, and even difficult trade-offs may need to be made. When preparing the Budget, he will take everything into account, striving for overall balance in the proposals put forward.

He also noted that, following sustained economic growth last year, Hong Kong’s economy has started this year well. However, given the fast-changing external environment and uncertainties in the course of economic restructuring, the government must manage finances prudently—considering society’s short-, medium-, and long-term needs—and maintain a certain level of reserves in case unforeseeable circumstances arise.