Lawmakers pass budget bill

Lawmakers on Wednesday passed the budget bill by a show of hands, with no one calling for a recorded vote. Financial Secretary Paul Chan thanked legislators for their support, saying officials will do their best to implement relevant measures in a speedy manner. He also said Hong Kong is consolidating its finances in light of a budget deficit, much like many economies around the world coping with the post-pandemic environment. The finance chief said the government is seeking to cut costs and find new sources of revenue. "We're confident and we also have determination to balance the books in around three years' time," he told lawmakers in the chamber. "That does not include the proceeds from bond issuance. We're implementing a fiscal consolidation programme that is a common practice around the world." Chan stressed that money received from issuing bonds will not be spent on recurrent expenditure, but on investment and infrastructure projects such as the Northern Metropolis. He said Hong Kong is in the midst of an economic transition with both opportunities and challenges, but the former outnumber the latter. The minister said the SAR needs to grasp the international situation better, and understand the country's development strategy as well as focus on meeting different challenges.