Lawmakers from the Liberal Party expressed their support for the recent Budget, welcoming its focus on advancing artificial intelligence (AI) and other innovative technologies, while recognizing the government’s forward-looking planning despite fewer sweeteners.
Speaking at the party’s Lunar New Year reception on Thursday, Chairman Peter Shiu Ka-fai expressed his delight that the Budget has addressed the fiscal deficit. He noted that even with modest handouts, the plan reflects a commitment to positioning Hong Kong for future growth.
Shiu also welcomed the Budge’s focus on AI and innovation as a key trend. Apart from I&T, finance and the Northern Metropolis development, he said the party also attached great importance to consolidating traditional industries.
He cited encouraging retail performance over the new year Golden Week, with double-digit growth in cosmetics sales, showing that visitors have given a clear boost to local consumption.
Shiu expected retail figures to stabilize, noting that the sector recorded single-digit growth over the past eight months after a prolonged decline. He added that the industry has bottomed out, and the positive momentum will benefit other sectors.
Vice-chairman and lawmaker from the Election Committee Michael Lee Chun-keung described the Budget as a bit "surprising" but also a bit "disappointing", calling for the public to understand the Financial Secretary’s efforts amid complex external conditions.
He stressed that Hong Kong must align with the nation’s 15th Five-Year Plan and seize opportunities in artificial intelligence.
Vice-chairman and legal sector lawmaker Nicholas Chan Hiu-fung said that apart from tax allowances, the Budget may lack significant handouts. However, he views the support for technology as a crucial investment in the future.
Chan emphasized the need to harness AI, innovation, and finance to propel Hong Kong’s development, taking advantage of the One Country, Two Systems framework to create new jobs and business models that are not feasible in the mainland or overseas.
Catering sector lawmaker Jonathan Leung Chun remarked that the Budget focuses on long-term planning, which is in line with industry expectations. He urged more support for small and medium-sized enterprises, especially in their transformation and upgrading.
