Financial Secretary Paul Chan

Mr President, this year will still be fraught with uncertainties. Investment sentiment and capital flows are under the sway of the complicated and volatile external environment.

In the short term, we need to reinforce the momentum of our economic recovery, while in the long run, we have to adjust our economic growth model with enhancements to both “quality” and “quantity”. By charting the course of high quality development, we will drive further innovations, bring in new services and products, stimulate new demand and open up new markets. This is the necessary path to take for the future development of Hong Kong.

Just as nature goes through endless evolutions, so economic development has its cycles of ups and downs. New challenges and future uncertainties may be disconcerting.

But when we reflect on decades of development in Hong Kong, it is obvious that the path we have trodden, however winding or bumpy, has always led to a better tomorrow.

The colour of the cover of this year’s Budget symbolises the first glimmer of dawn, for this inspires hope, faith and our longing for greater unity and harmony.

We have succeeded in turning challenges into greater opportunities every step of the way. We owe every success to the strong leadership of the Central People’s Government, the staunch support from our country, as well as the agility and tenacity of Hong Kong people.

Our unique positioning and distinctive functions make us irreplaceable as our country strides towards high-quality development and the building of a great modern nation. And we have been playing an active role in contributing to our country’s development. Our country’s swift and steady progress, alongside a fast developing Asia, has provided us with infinite opportunities along the way.

Hong Kong thrives on its cultural blend of East and West and its connectivity to the world. It is also the only place in the world where the global advantage and the China advantage come together in a single economy. As long as we know where we stand and chart the right direction, we will be able to give full play to our unique strengths. By blazing new trails and firmly pressing ahead, Hong Kong will certainly thrive and prosper, like a dragon soaring far and high in the boundless sky. Thank you, Mr President.

Financial Secretary Paul Chan made these remarks to conclude his 2024-25 Budget speech on February 28.