Good news, Hong Kong! Despite global economic headwinds, the city is on track for an early operating account surplus. This positive turn is largely due to a robust financial market and increased revenue from stock trading stamp duty, according to Financial Secretary Paul Chan Mo-po. But what does this mean for the everyday citizen? Let's dive in.
At a recent public forum, Mr. Chan addressed the upcoming 2026-27 budget and, importantly, the needs of Hong Kong's elderly population. He assured residents that he would strive to alleviate their concerns about the high cost of living. This is crucial, as the rising cost of living is a major worry for many.
Mr. Chan emphasized that, even amidst a budget deficit in the previous financial year, the government had maintained its spending on the social welfare sector. This is a significant point, highlighting the government's commitment to supporting its vulnerable citizens.
During the forum, which was attended by approximately 100 residents, Mr. Chan shared that Hong Kong experienced a 3.2% economic growth last year, despite challenges like the trade war and rising geopolitical tensions. He attributed the early surplus to the strong performance of the financial market, particularly the increased revenue from stock market stamp duty.
And this is the part most people miss: Last year's budget projected a return to surplus only by 2026-27 after three consecutive years of deficits. The fact that the surplus is arriving earlier than anticipated is a positive development, indicating the city's economic resilience.
But here's where it gets controversial... Some might argue that the surplus should be used to further support the elderly, while others may have different priorities. What do you think? Should the government prioritize more welfare measures, or are there other areas that need more attention? Share your thoughts in the comments!
