Public consultation on the new Budget of Hong Kong officially began yesterday (15th). Financial Secretary Paul Chan said in his blogpost that in the face of persisted external uncertainties, complex and ever-changing global political and economic situations, and Hong Kong's economic restructuring, the Hong Kong’s government must be more prudent in managing public finances, while it is also important to propel Hong Kong's economic development.

Market sentiment in Hong Kong has gradually picked up in recent months, he said. After Shenzhen residents' multiple-entry permits were reinstated and expanded, the number of mainland tourists visiting Hong Kong last weekend averaged more than 130,000, an increment of more than 15% over the previous weekend's average and more than 20% over the first weekend in December 2023.

The number of start-ups in Hong Kong reached a new high, with the proportion of start-ups established by non-local founders hiking to 28%, Chan mentioned. The total number of Hong Kong companies with parent companies located abroad touched an all-time high, indicating that domestic and foreign companies still have full confidence in Hong Kong and choose to harness Hong Kong as an important base for their regional and even global businesses amid continued geopolitical pressure.