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Colour decode

With the supports of my colleagues, we are finalising the 2023/24 Budget to be announced on the coming Wednesday.

I will be announcing the Budget of the new financial year this Wednesday. Although I have accumulated some experience in this regard, the internal and external environments we face differ from year to year, whether it is the financial situation of the Government, the local economic cycle, social development needs, public expectations, or the external economic environment and geopolitical situation, all of which have fresh changes every year and bring new challenges to Budget preparatory work.

The challenge this year is that after three years of epidemic, coupled with a weak external economy, the Government has accumulated a rather high deficit over the past few years. That notwithstanding, we need to press ahead with social and economic recovery, as well as intensify support for future investments. Indeed, through adopting an expansionary fiscal policy and implementing counter-cyclical measures, we effectively relieved pressures on local residents and enterprises caused by the economic downturn, and stabilised the society and people's livelihood during the epidemic. Fiscal reserves inevitably declined. Hong Kong is on the road to normalcy, and our economy is regaining momentum. Although we are running into more constraints under tight resources, we affirm our determination to make great efforts to pursue economic development, improve people's livelihood, and map out the long-term plan for Hong Kong’s future development. Our country is making steady progress on high-quality development, and technological innovation provides an opportunity to accelerate forward. Looking ahead, Hong Kong is embracing golden opportunities.

I have full confidence and expectations on Hong Kong's future – this is what I felt when I chose the colour for the Budget Speech’s cover. While the current momentum of economic recovery still needs to be further strengthened, Hong Kong is on the cusp of a new development stage. As long as we aim right and prepare well, we will surely be able to ride on the wind and usher in bright sunshine!

February 19, 2023