Budget Stabilises Economy

Financial Secretary Paul Chan

(To watch the 2021-22 Budget speech with sign language interpretation, click here.)

Over the past two years, Hong Kong has suffered successive setbacks. And now we have to fight the epidemic and ride out the economic difficulties. Life has not been easy for us all.

I often chat with people, especially during the preparation for the Budget. I know how difficult it is to earn a living during the economic downturn. I can feel their pain. This is why, despite a record high fiscal deficit in 2020-21, I once again propose a Budget involving a deficit of over $100 billion. I do so after careful consideration, as the counter-cyclical measures are necessary for stabilising the economy and alleviating people’s burden. At the same time, I am mindful of the need to expand government revenue and create fiscal space in a prudent manner.

In spite of the pressure we now face, looking back, we have walked all the way through thick and thin. However harsh life may have been, Hong Kong remains the home that we treasure.

Home is not where we find perfection. It is where we stay together as a family, sharing mutual care, acceptance and support.

This unprecedented pandemic reminds us that we are all in the same boat. Deep-seated conflicts cannot be resolved instantly, nor can wounds be healed overnight. Given time, even the tightest knot can be untied.

The economy may move in a cycle, but there is always a way to prosperity. We have overcome many challenges and always come out stronger. Let us be steadfast and ride out the storm. Together, we will build a better Hong Kong.

This is the English translation of Financial Secretary Paul Chan’s Budget speech closing remarks delivered on February 24.