The Hong Kong Budget for 2022-23 was announced by the Hong Kong Special Administrative Region Financial Secretary, Paul Chan, last Wednesday. The total budget allocation has much of its focus on stabilizing the economy post pandemic.
The fifth wave of the pandemic pushed the government to provide the much-needed help to its citizens and businesses affected severely by the pandemic.
The city’s budget allows for government’s intervention to help boost the economy. Having many restrictions in place caused a huge loss to businesses in Hong Kong. The Covid-19 pandemic, with strict quarantines and travel restrictions in place contributed to the city’s economy being at a slump.
On top of that, Hong Kong’s economy, especially its talent industries, took the largest hit. Existing talents and businesses were seen to be leaving the country due to the strict restrictions.
In an attempt to smooth things out, the Hong Kong Budget for 2022-23 is largely focused on boosting the economy while helping developing industries stand on their feet again. On the outlook, the Budget is seen to be promising especially with its proposed tax and non-tax measures to support the development of trades. Besides that, there are also particular measures on attracting talent to boost the Hong Kong employment market.
In this article, we cover the two core areas from the 2022-23 Hong Kong Budget which are targeted towards developing industries and enterprises.