On February 22, Hong Kong financial secretary Paul Chan unveiled the city’s 2023-24 budget with goals in mind to strengthen Hong Kong’s economy and enhance people's quality of life. As stated by Chan, more than 80 per cent of resources for budget initiatives will benefit the general public and small and medium-sized enterprises.
As part of the proposed measures, all Hong Kong permanent residents and new arrivals will be eligible to receive $5,000 electronic consumption vouchers in two instalments. The first $3,000 voucher will be disbursed in April this year and the remaining vouchers in the middle of this year. Meanwhile, persons who have come to live in Hong Kong through different admission schemes or to study in Hong Kong will receive $2,500 vouchers in total.
Aside from the consumption voucher rollout, Chan also detailed other sector-specific schemes and support for the general public and enterprises. Highlights include:
- Allocation of $100 million for large-scale events with significant visitor appeal and tourism promotional effect.
- A 'Happy Hong Kong' campaign will soon be launched with activities related to gourmet experiences, fun amusements, and exciting ambience in order to stimulate local consumption and boost the economy. These include the launch of large-scale food fairs Gourmet Marketplace, and a sea-land carnival in the summer with Victoria Harbour as the stage.
- Reduction of salary tax by 100 per cent (subject to a ceiling of $6,000).
- Rate concessions for residential properties for the first two quarters of 2023‑24 (subject to a ceiling of $1,000 per quarter).
- Extra half-month allowance for eligible social security recipients of Comprehensive Social Security Assistance payments, Old Age Allowance, Old Age Living Allowance or Disability Allowance.
- Continue to provide commuters with a subsidy amounting to one‑third of their monthly public transport expenses in excess of $200 (subject to a maximum of $500 per month) for a period of six months till October 2023.
- Subsidy of $1,000 on electricity for eligible residential households.
More information on the 2023-24 Hong Kong budget can be found on the government's website. Members of the public can also find leaflets highlighting the budget’s key proposals at the 20 Home Affairs Enquiry Centres.
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