Financial Secretary Paul Chan Mo-po stated that focusing on "mega events" will provide more sustainable long-term benefits by creating jobs and boosting income.
Responding to listeners on a radio program who expressed disappointment over the lack of sweeteners on Thursday, Chan explained that the Budget aims to boost citizens' spending power through different means, such as tax rebates and increased tax allowances.
He said the government plans to host numerous mega events to "get the scene bustling," attract more visitors to Hong Kong, and thereby improve business and create more employment opportunities.
Chan also noted that the retail and catering markets have reversed their previous downward trend and stabilized, while foot traffic has also increased in many areas.
He emphasized that the Budget includes significant tax relief, giving an example of a family with two children that could save over HK$10,000 a year. He said these measures aim to support citizens while driving economic development forward.
Separately, the Budget proposes the establishment of a Committee on AI+ and Industry Development Strategy, which Chan will chair.
He stated that as the technology is impacting all industries, the committee will study the various challenges faced by sectors during this transition and provide policy support accordingly.
When asked about concerns that AI could lead to job losses, Chan acknowledged that some repetitive and clerical positions might be eliminated. However, he stressed that AI will simultaneously create new jobs.
"Therefore, the process requires transformation and skill enhancement," he said, noting that the Budget includes provisions for AI training. "We hope to offer different courses to help citizens adapt to the changes and achieve better development."
