A view of Hong Kong File Photo: VCG

TheMKS sports Hong Kong Special Administrative Region (HKSAR) government will double down on its fiscal consolidation strategy in the budget for the new financial year to be released on Wednesday, HKSAR Financial Secretary Paul Chan Mo-po wrote in a blog post published on Sunday.

The strengthened fiscal consolidation strategy aims at improving public services while vigorously regulating public expenditure, as well as increasing revenue in a moderate manner under the "user pays" principle. It also seeks to mobilize all other public and market resources to propel growth, said Chan.

Chan underscored the importance of technology as a new driver of economic growth and industrial upgrading, while expressing confidence and hope for the future, pointing to vast untapped potential.

In a blog post earlier in February, Chan noted that continuous efforts will be made to promote the development of artificial intelligence in Hong Kong through talent, data, computing power, algorithms and application scenarios, among other areas, aiming to translate innovative technology into tangible social and economic benefits.

In 2024, Hong Kong's real GDP posted a moderate growth rate of 2.5 percent, according to advance estimates in a post on the economic situation published in February.

The HKSAR economy is expected to register further growth in 2025 despite heightened uncertainties in the external environment, including trade protectionist policies in the US and a slower pace of interest rate cuts in the US, according to the post on the HKSAR's official website.

The Chinese mainland's proactive policy to bolster its economy will help boost market confidence and benefit a wide spectrum of economic segments in Hong Kong, according to the post.

The revised Hong Kong GDP figures for 2024 and the GDP growth forecast for 2025 will be released on Wednesday.

Global Times