Hong Kong's budget should prioritize those in need

As Hong Kong's financial secretary prepares his budget speech, he should recall his initial focus on using the city's wealth to aid the needy.

This opinion piece, published in the South China Morning Post on February 23, 2026, urges Hong Kong's financial secretary to remember his initial commitment to using the city's wealth to support those in need as he prepares the budget speech. The article suggests that the coinciding starts of the Lenten season and Ramadan may encourage less selfishness and more contemplation.

Keywords listed include Xi Jinping, John Tsang, Paul Chan, Lent, stock market, budget surplus, Hong Kong, Lunar New Year, Hong Kong Jockey Club, Legislative Council, Ramadan, and budget speech, indicating a broader context for Hong Kong's fiscal discussions, though the provided excerpt focuses on aiding the vulnerable.

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Hong Kong Financial Secretary Paul Chan unveiled the 2026 budget on Wednesday, emphasizing investments in artificial intelligence and infrastructure while facing criticism for the absence of direct cash handouts to residents. The budget projects a surplus and includes a rare transfer from the Exchange Fund.

An opinion piece in the South China Morning Post suggests that Hong Kong's 2026-27 budget speech should clarify how the city's economic direction aligns with global and national trends, defining its place in future industries. It urges Financial Secretary Paul Chan Mo-po to explain the macroeconomic rationale behind Hong Kong's new industrial policy: large-scale investment in innovation and technology to broaden the economy.

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Hong Kong Financial Secretary Paul Chan Mo-po will deliver the 2026-27 budget on Wednesday, unveiling measures to accelerate economic recovery. The budget features a purple cover symbolizing strengthening economic momentum amid a volatile external environment. It arrives against heightened geopolitical tensions, including a new 15 per cent global tariff announced by US President Donald Trump, with expectations for sweeteners tempered by economists' warnings on public finances.

Hong Kong's newly elected Legislative Council held its first meeting on January 15, led by president Starry Lee Wai-king, with Chief Executive John Lee outlining priorities for responding to the deadly Wang Fuk Court fire in Tai Po. Discussions centered on relief for displaced residents, rehousing, industry reforms, and anti-bid-rigging measures amid calls for accountability.

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Hong Kong's Chief Executive John Lee hosted a meeting with 150 officials, advisers, lawmakers, and experts on the State Council's white paper on local affairs. The gathering stressed that safeguarding national security is crucial for fully implementing the "one country, two systems" principle, ensuring the city's stability, development, and appeal to foreign investors.

Beijing has introduced a new 'invest in people' slogan as part of its 15th five-year plan proposal, aiming to stimulate domestic demand by bolstering investments in welfare, pensions, education, and public services. Analysts view this as a rethink of economic strategy to address structural challenges like weak domestic demand and persistent deflationary pressures.

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Hong Kong’s incoming social welfare lawmaker, Grace Chan Man-yee, has vowed to actively engage young people in policy discussions and strengthen communications with frontline workers to address a “knowledge gap” in professional conduct. She expressed confidence that critical voices would exist in the legislature, even if not always in front of the cameras. Chan will assume office on January 1, 2026, succeeding Tik Chi-yuen.

 

 

 

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