Dear friends,
Budget 2022-2023
Our Financial Secretary, Mr Paul Chan, delivered the latest annual 2022-23 Budget on 23 February 2022. I would like to share with you the key aspects therein.
At a time when Hong Kong is facing the unprecedented challenges posed by the COVID-19 epidemic, the 2022-23 Budget is a timely and appropriate Budget that focuses on (i) supporting an all-out effort to win the fight against the epidemic; (ii) relieving the hardship of Hong Kong's people and its small and medium-sized enterprises; (iii) rendering support to the struggling economy and fostering a post-epidemic economic revival; and (iv) investing for the future by planning ahead for the medium- and long-term development of Hong Kong's economy.
Stabilising the epidemic situation early is the overriding mission at present. The Budget has reserved necessary financial resources for anti-epidemic measures on various fronts with a view to safeguarding the lives and health of Hong Kong people. With the stable development of our economy over the years and the fiscal prudence exercised by the Government, Hong Kong has adequate financial reserves to tide over the difficult time and retain strength.
At the same time, the Budget creates favourable conditions for economic recovery and emphasises investment in the future, especially in facilitating Hong Kong’s full integration into our country’s overall development, fully displaying Hong Kong’s potentials under the National 14th Five-Year Plan and continuing to consolidate Hong Kong’s position as an international city under the unique advantages of “One Country, Two Systems”. Under the 14th Five-Year Plan, our country continues to reform and open up, moves towards high-quality development, and progresses according to the strategy of domestic and international dual circulation. It also makes clear the positioning and direction of Hong Kong's economic development and supports the development of Hong Kong in eight areas.
The Government will make good use of national policies and our own advantages and take the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) as an entry point, proactively exploring the vast Mainland market and participating in the domestic circulation of the national economy. At the same time, Hong Kong will play its bridging and platform role at the intersection of domestic and international circulations well, connecting domestic and foreign markets and investors, and assisting Mainland enterprises to explore the international market.
In this connection, you may find the following Budget initiatives of particular interest and/or relevance –
The ASEAN is the second-largest trading partner of Hong Kong. With the support of ASEAN members, Hong Kong is pressing ahead on the early accession to the Regional Comprehensive Economic Partnership (RCEP). We will also continue to attract investments to Hong Kong to take advantage of the various advantages and services we provide. A highlight will be a Global Financial Leaders' Investment Summit which explores global financial opportunities and the role that Hong Kong can play in the future.
Meanwhile, our arts and cultural sector has gathered considerable strength. In 2020, Hong Kong ranked as the second-largest art market in the world. To consolidate Hong Kong's role as an East meets West centre for international arts and cultural exchange, our Government will allocate $42 million for organising the first Hong Kong Performing Arts Market within two years.
Hong Kong is also keen to share the benefits with talents around the world. Our Government will further expand our flagship talent attraction programme - the Quality Migrant Admission Scheme - by including new categories on asset management compliance and financial professionals in Environmental, Social and Governance (ESG), so as to attract more targeted talents to Hong Kong.
The Budget also outlined initiatives to continue to build Hong Kong as a liveable city. Major initiatives include funding to push EV charging infrastructure and a $1 billion funding for building conservation.
Please feel free to visit the Budget website and the useful links below to learn more about the various Budget initiatives. You are also, as always, most welcome to get in touch with us for more information.
Sincerely,
Law Kin-wai
Director-General
Hong Kong Economic and Trade Office
Useful links: