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FEBRUARY 22 - 27, 2023

2023-24 BUDGET

Financial Secretary Paul Chan unveiled (Feb 22) his 2023-24 Budget, which overall takes a “moderately liberal” fiscal stance to continue the city’s path to recovery, and drive high-quality economic developments. Following an economic contraction in 2022, the Hong Kong economy is expected to stage a visible rebound in 2023 with a growth of 3.5% to 5.5% for the entire year. In the medium to long term, Hong Kong will benefit from the ample opportunities presented by the vast potential of Mainland China and other emerging Asian economies. The economy is expected to grow by an average of 3.7% per annum in real terms from 2024 to 2027, surpassing the trend growth rate of 2.85% during the decade before the epidemic.

ECONOMY

Overall consumer prices rose 2.4% in January year-on-year, a larger increase compared with 2% in December.  This was partly due to the early arrival of the Lunar New Year, which fell in January this year but February last year. It would thus be more meaningful to examine the figures for January and February combined, when available, to assess the underlying inflation situation. Overall inflation would face some upward pressure, but should remain moderate in the near term.

In January, the value of Hong Kong’s exports and imports of goods fell by 36.7% and 30.2%, respectively, year-on-year. A visible trade deficit of 8% of the value of imports of goods was also recorded. While the value of merchandise exports fell further notably from a year earlier amid the slackened external environment, the performance could also be affected by the early arrival of the Lunar New Year this year. Looking ahead, the expected faster growth of the Mainland economy and the lifting of cross-boundary truck movement restrictions between Hong Kong and the Mainland should alleviate part of the pressure from the slower global economic growth.

ADMINISTRATION AND CIVIC AFFAIRS

The Hong Kong Special Administrative Region (HKSAR) Government strongly disapproves of remarks by the spokesman for the US Consulate General in Hong Kong. The HKSAR Government reiterates that it will continue to discharge its duty to ensure the successful implementation of the principles of “one country, two systems”, “Hong Kong people administering Hong Kong” and a high degree of autonomy, so as to better serve Hong Kong citizens and foster the city’s development. 

SPORTS

Athletes from Asia and around the world joined local Hong Kong athletes, demonstrating their prowess in running, cycling and swimming at the 2023 Asia Triathlon Cup (Feb 25), held in Hong Kong.

BASIC LAW

The Basic Law (BL) is the constitutional document of the HKSAR. It provides the guarantees to maintain our existing way of life, including socio-economic development, the rights and duties of Hong Kong people, the rule of law and other areas. The Basic Law was put into effect on July 1, 1997.

Q: Have Hong Kong’s capitalist system and way of life been preserved?

A: The Basic Law provides that the capitalist system and way of life shall remain unchanged. Hong Kong maintains a free and open market economy with a free flow of capital, goods, intangible assets, and a freely convertible currency. People’s lifestyle remains the same as before. (BL Articles 5; 112; 115)