On February 28, Hong Kong financial secretary Paul Chan unveiled the city’s 2024-25 budget – themed ‘Advance with Confidence. Seize Opportunities. Strive for High‑quality Development’ – with goals in mind to narrow the city’s fiscal deficit and restore its balance.
As part of the proposed measures, the Hong Kong Tourism Board (HKTB) will hold pyrotechnic and drone shows every month to showcase our famous Victoria Harbour, while the light and sound show ‘A Symphony of Lights’ will be given a complete revamp. To make better use of our harbourfront, the Development Bureau (DEVB) will also implement food and beverages, retail, and entertainment facilities on a pilot basis at selected harbourfront locations to enhance the overall experience for visitors.
Aside from the monthly shows, Chan also detailed other sector-specific schemes and support for the general public and enterprises:
- All demand-side management measures for residential properties will be removed immediately, including Special Stamp Duty, Buyer's Stamp Duty, and New Residential Stamp Duty.
- The government has earmarked $100 million to boost mega-event promotions over the next three years. Efforts will also go towards developing new seasonal festivals and experiences of various themes, enhancing local group tour activities, as well as promoting in-depth tourism and “young-adult-focused activities” such as hiking, cycling, stargazing, and more.
- Roughly $1.4 billion and $2.9 billion will be invested into the Film Development Fund and the CreateSmart Initiative to support film, arts, and design projects.
![Centrestage 2020]()
Photograph: Courtesy of Centrestage 2020 - The government will organise a Hong Kong Fashion Design Week annually and launch the Signature Performing Arts Programme Scheme to help the production of large-scale performing arts programmes be staged as long-running performances.
- The first Hong Kong Performing Arts Expo (HKPAX) will be held in October 2024 to provide a platform and create business opportunities for top-notch performing arts productions and creative talents.
![Hong Kong International Airport]()
Photograph: Courtesy Hong Kong International Airport - The Hong Kong International Airport is well on its way to completing its third runway, which will strengthen aviation services between Hong Kong and related countries.
- Land will be available for no less than 80,000 private housing units in the coming five years. About 60 percent will come from New Development Areas or New Town Extensions, while the other 40 percent will come from government land sale and railway property development projects in other districts.
- The government plans to put in place smart and green mass transit systems in East Kowloon, Kai Tak, and Hung Shui Kiu/Ha Tsuen. There will also be two cross-boundary projects – Hong Kong‑Shenzhen Western Rail Link (Hung Shui Kiu – Qianhai) and the Northern Link Spur Line – to further promote connectivity within the Greater Bay Area.
- Cigarettes will be increased by 80 cents per stick with immediate effect, meaning its retail will rise to about 70 per cent. Other tobacco products will also be increased by the same proportion.
More information on the 2024-25 Hong Kong budget can be found on budget.gov.hk.
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