Chief Secretary Matthew Cheung has hailed the 2018-19 Budget as visionary, forward-looking, caring and well-balanced.

Speaking after the Budget was delivered today, Mr Cheung said it combines a good mix of one-off relief measures and long-term initiatives.

"It addresses the challenges and needs facing society today and prepares for the long-term development of Hong Kong, invests for the future and strives to propel forward our economy, especially in the field of innovation and technology.

"It also seeks to promote upward social mobility. It underlines also the Government's role as a 'facilitator' and 'promoter'."

He said the Budget provides adequate resources for major policy initiatives announced by the Chief Executive in her Policy Address last October, and substantially boosts investment in various areas.

The investment plan includes $300 billion for the second 10-year hospital development plan and $15 billion to support the abolition of the Mandatory Provident Fund "offsetting" arrangement.

"I earnestly hope and indeed urge the Legislative Council to pass the Appropriation Bill and all funding proposals as soon as possible for the benefit of the whole community and propel Hong Kong forward," Mr Cheung added.