Hong Kong unveils new budget to boost confidence, consolidate growth

2024-02-29 ECNS App Download

The Hong Kong Special Administrative Region (HKSAR) government on Wednesday unveiled a budget for the new financial year, with targeted measures to boost market confidence and consolidate growth. 

The budget covered many fields, including economy, science and technology, housing, finance, and tourism. 

While delivering the 2024-25 budget themed "Advance with confidence. Seize Opportunities. Strive for High-quality Development" at the HKSAR's Legislative Council, Financial Secretary of the HKSAR government Paul Chan forecast that Hong Kong will grow at 2.5 percent to 3.5 percent in real terms for the year. 

Paul Chan said that given the economic pressure still faced by some industries and the public, the HKSAR government would continue to waive rates, salaries tax, and profits tax, and an allowance will be offered to eligible social security recipients. 

After prudent consideration of the overall current situation, the HKSAR government decided that Special Stamp Duty, Buyer's Stamp Duty and New Residential Stamp Duty are not needed to be paid for any residential property transactions starting from Wednesday. 

(Reported by Luo Siyu; Edited by Jiang Lu)



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