While the public calls for the reintroduction of the HK$5,000 consumption voucher scheme, Chief Executive John Lee Ka-chiu noted that it would require HK$30 billion -- an amount equivalent to the cost of constructing the Kai Tak Sports Park.
Speaking on a joint radio phone-in program on the 2025 Policy Address on Thursday (Sep 18), the city leader attributed the absence of the scheme to the government's current financial pressures.
Pointing out the decrease in private construction projects in the industry, Lee expressed hopes to allocate the equivalent funds to other government projects to support the local construction industry.
Lee mentioned that the government is also implementing different measures to stimulate the economy, including attracting industries and introducing 11 initiatives aimed at increasing support for small and medium enterprises (SMEs).
A citizen surnamed Ng expressed concerns over the city's economic downturn, citing the increasing number of vacant shops and the lack of foreign tourists in areas like Stanley.
He urged the government to take proactive measures to boost the economy.
In response, Lee stated that the number of visitors to Hong Kong is on the rise and suggested that the increase in vacant shops is linked to economic transformation and the growth of e-commerce.
Describing the situation as a "new norm", Lee stressed the need to adopt a different approach to adapt to these changes.
He assured that the government would assist during this transitional period while working towards long-term structural changes to strengthen Hong Kong's economy.
Lee further described Hong Kong as a large cruise ship rather than a small boat, acknowledging that while there are areas for improvement, the city still holds various advantages.
Additionally, he projected an economic growth rate of 2 to 3 percent for this year and wished that the public would remain optimistic about the city's future.
