Hong Kong's finance chief Paul Chan has confirmed an early operating account surplus, driven by strong financial markets, and vowed more support for the elderly. Speaking at a public forum, he addressed welfare demands while noting that social spending was not cut despite last year's deficit.
Hong Kong's Financial Secretary Paul Chan Mo-po confirmed on January 10 that the city is poised to achieve an early operating account surplus, fueled by robust financial market performance and higher revenue from stock trading stamp duty.
Addressing around 100 residents at a public forum ahead of the 2026-27 budget, due in late February, Chan highlighted the economy's resilience. "Despite the trade war and rising geopolitical tensions last year, Hong Kong still recorded 3.2 per cent economic growth, with the economy now showing steady and orderly development," he said.
"Thanks to the financial market performance, we gained more [stock market] stamp duty, which enabled us to achieve [operating account] surplus earlier," he added. Chan stressed that public spending on social welfare was not reduced in the previous financial year, even amid a budget deficit.
The forum allowed residents to voice views on welfare, including calls for greater elderly support, which Chan vowed to address with more assistance. Key themes include trade war impacts, stock exchange activity, budget deficits, economic growth, the Greater Bay Area, stamp duty, public forums, social welfare, the Northern Metropolis, elderly residents, user-pays principles, financial market performance, and geopolitics.
