Galloping toward prosperity: Can Hong Kong’s fiscal Budget ensure no one is left in the dust?

As the Year of the Horse symbolizes speed and hope, the upcoming Budget must focus on helping everyone in the city adapt to the new economic realities.

Arriving tomorrow, the Year of the Horse brings with it the powerful symbolism of galloping momentum and renewed hope. It is a time for speed, progress, and the collective energy to push forward.

Yet, as Hong Kong saddles up for what we hope will be a year of vigorous economic revival, we must confront an uncomfortable truth: a galloping economy does not automatically guarantee that everyone will be riding in the same carriage.

While macroeconomic indicators may point to a rebound, the lived reality for many small and medium enterprises, grassroots workers, and middle-class families often tells a different story. The benefits of recovery have a tendency to cluster in specific sectors, leaving those in traditional industries or marginalized communities watching the race from the sidelines. The core challenge of our time is not just achieving growth, but ensuring that growth is inclusive.

A defining moment – what the upcoming Budget must deliver

This is where the upcoming Budget, to be delivered by Financial Secretary Paul Chan Mo-po next Wednesday, enters the spotlight. It arrives not just as a fiscal statement, but as a potential blueprint for a more equitable future. The community will be listening closely for measures that address the widening gap between economic data and personal experience.

First and foremost, the “galloping economy” needs to translate into tangible support for those struggling to keep pace. We need to see a paradigm shift from passive relief to active enablement. It is no longer enough to simply offer temporary handouts; the government must invest heavily in helping people “transform” to adapt to the new economic era.

Future-proofing the workforce – retraining for a new era

The rapid acceleration of digitalization, the rise of artificial intelligence, and the changing global trade landscape mean that many traditional jobs are at risk of becoming obsolete. 

The Budget should therefore prioritize large-scale, future-ready retraining programs. This goes beyond basic skills; it requires a comprehensive strategy to upskill workers for the green economy, tech sectors, and high-value added services. We need to fund “second career” initiatives that allow mid-career professionals to pivot successfully.

Strengthening the backbone – why SMEs cannot be overlooked

Furthermore, we must look at the structural barriers that prevent wealth distribution. Support for SMEs – the backbone of Hong Kong’s employment – is crucial. If the “horse” of big business gallops ahead while the “ponies” of local shops and startups stumble, social harmony fractures. The Budget should introduce targeted liquidity measures, digital transformation grants, and tax incentives specifically designed to help SMEs thrive in the new consumer environment.

Protecting the vulnerable – the bedrock of social harmony

Finally, true shared prosperity requires looking at the most vulnerable. As the economy evolves, so must our social safety net. 

We must ensure that the elderly, the disabled, low-income families, and ethnic minorities are not left further behind by inflation or technological divides. Investments in affordable housing, healthcare, and community support remain the bedrock upon which a harmonious society is built.

A Budget for all – galloping forward together

The Year of the Horse is a time for bold strides. Chan has the opportunity to present a Budget that embodies the true spirit of the year – not just one of wild, unchecked speed, but of purposeful direction. 

It must ensure that as Hong Kong gallops toward a brighter economic future, it carries everyone along for the ride. Only then will the “galloping” truly symbolize hope for all.