Budget proposals at a glance

Hong Kong Budget Summary 2023-2024


Key measures

  • Issue HKD 5,000 electronic consumption vouchers to each eligible Hong Kong permanent resident and new arrival aged 18 or above in two instalments
  • Issue no less than HKD 50 billion of Silver Bond and HKD 15 billion of retail green bonds in the next financial year
  • Introduce a mechanism to provide facilitation for companies domiciled overseas for re-domiciliation to Hong Kong
  • Provide an additional funding of HKD 550 million to the Hong Kong Trade Development Council to assist enterprises in opening up markets
  • HKD20 million reserved to expedite strategic studies and exchanges of the high-end maritime service industry, and expand the scale of the Hong Kong Maritime Week
  • Over HKD 250 million to be spent on mega events
  • About HKD 300 million reserved for staging more mega events, international meetings, incentive travels, conventions and exhibitions in Hong Kong 
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Smart city

Science Park

Key measures

  • HKD 500 million earmarked to launch a Digital Transformation Support Pilot Programme, to assist SMEs in applying ready-to-use basic digital solutions
  • HKD 200 million to enhance the operation of the “iAM Smart” platform to improve user experience
  • HKD 3 billion earmarked to enhance basic research in frontier technology fields such as artificial intelligence and quantum technology
  • Over HKD 260 million reserved for Cyberport to nurture smart living start-ups
  • HKD 50 million to expedite development of the Web3 ecosystem

Community development and infrastructure

Key measures

  • Inject HKD 200 million into the Maritime and Aviation Training Fund to support manpower training
  • HKD 75 million for conducting studies on establishing the Building Testing and Research Institute, constructing an advanced construction industry building, and strengthening the supply chain of Modular Integrated Construction modules
  • Set aside HKD 350 million for subsidising in-harbour ferry operators to construct and test electric ferries and related charging facilities
  • Additional HKD 62 million for food waste collection to cover more premises, and extending the food waste collection trial scheme for public rental housing estates
  • Introduce a new Capital Investment Entrant Scheme: applicants may reside and pursue development in Hong Kong after making investment at a certain amount in the local asset market, excluding property
pedestrians crossing street

Caring society

preschool students raise hands in the class

Key measures

  • Set aside HKD 100 million to strengthen support for women’s development
  • Enhance support for pre-school children with special needs - allocate an additional annual recurrent expenditure of about HKD 170 million to regularise Tier 1 Support Services
  • Grant each eligible residential electricity account a subsidy of HKD 1,000
  • Encourage employment of elderly employees: increase the tax deduction for the Mandatory Provident Fund voluntary contributions made by employers for their employees aged 65 or above, from 100% to 200%
  • Inject an additional HKD 500 million into the Chinese Medicine Development Fund

Land and housing

Key measures

  • Additional HKD 100 million to provide on-the-job training allowance to trainees who have enrolled in construction related programmes
  • 12 residential sites under the 2023/24 Land Sale Programme, railway property development, private development and redevelopment projects as well as the URA’s projects to provide about 20,000 units; 3 commercial sites and 3 industrial sites to provide about 200,000 square metres of commercial floor area and 170,000 square metres of industrial floor area respectively
  • Public housing - identified sufficient land for the provision of about 360,000 public housing units
  • Private housing - completion of private residential units to average over 19,000 units annually in the 5 years from 2023 onwards. The expected first-hand private residential unit supply for the next 3 to 4 years is about 105,000 units
  • Secure land for the production of no less than 72,000 private housing units in the coming 5 years
  • Transitional housing units - about 14,000 additional units will be coming on stream in the next two years
resident buildings