香港2026-2027年度预算摘要

Commentary On 25 February 2026, the Financial Secretary delivered the Hong Kong SAR Government’s (“the Government”) 2026-27 Budget (“the Budget”). Benefiting from a buoyant stock market andaccelerated economic growth, stamp duty and profits tax revenues were higher than expected, and the Government’s operating account is expected to record a surplus ahead of schedule in the2025-26 fiscal year. Despite substantial expenditure on various capital projects and a resulting deficit in the capital account, the Financial Secretary forecasts that, after accounting for the issuance and repayment ofgovernment bonds, the fiscal position for the 2025-26 fiscal year has improved from the previously estimated budget deficit of HKD 67 billion to a budget surplus of HKD 2.9 billion—the first International geopolitical and economic conditions continue to be complex and volatile, but Hong Kong’s economy remains resilient, with local economic growth exceeding expectations. We arepleased to see that the Budget proposes a number of measures to align with the National 15th Five-Year Plan, support Hong Kong’s next stage of development, and maintain Hong Kong’sattractiveness to global capital, these include: Promoting the development of innovation and technology in Hong Kong, raising public awareness and adoption of artificial intelligence, and using technology to improve government services. •We are pleased that the Government has adopted our recommendations to enhance tax policies and rules to strengthen Hong Kong’s status as an international financial centre. This includesenhancing tax incentives for funds and family offices by broadening the definition of “fund” and recognising digital assets, precious metals, and certain commodities as eligible investments •Beyond the traditional asset and wealth management industry, the Budget also proposes several measures to support emerging areas in the financial sector, including providing additional taxincentives and flexibility for corporate treasury centres and their associated companies, as well as various measures targeting the development of digital assets; The Budget also increases investment in the Northern Metropolis to create jobs, attract investment, and promote high-quality, high value-added, and diversified economic development. In summary, we are pleased to see a range of measures to facilitate local economic transformation and sustainable development in the Budget. These measures are essential for maintaining The information contained in the Hong Kong Budget Summary 2026-2027 is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour toprovide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such Content 05Estimated consolidated fiscal position 11Striving for diversified development12Developing the Northern Metropolis SalariesTax 062026-27 government revenue and 13Driving growth with innovation 07Real gross domestic product 14Supporting SMEs and nurturing localtalent 08Underlying inflation rate 24Property Tax, Rates, Stamp Duty and HotelAccommodation Tax 15Caring society 16Land and housing HongKongSAReconomicindicators Estimated consolidated fiscalposition Realgrossdomesticproductgrowthrate Overall, the Hong Kong economygrew 3.5% year-on-year in 2025.International geopolitical and globaleconomic conditions continue to be Underlyinginflation rate The underlying inflation rate in 2025is estimated to be 1.1%, which isslightly lower than in the prior year. Unemployment rate The unemployment rate as atJanuary 2026 in Hong Kong was3.8%. Looking ahead, it isanticipated that the unemploymentrate will remain largely at a similarlevel. Budgetproposalsataglance StrivingfordiversifieddevelopmentKey proposals Preferential policy packages: includingpreferential arrangements on land grants;financial subsidies and tax incentives; InjectHKD 500 millioninto ChineseMedicine Development Fund to support AllocateHKD 28 millionfor the Hong KongTechnology and Innovation Support Centreto provide patent evaluation and implement AllocateHKD 100 millionto attractinternational, large-scale exhibitions with AllocateHKD 1.66 billionfor the HongKong Tourism Board in 2026/27 to enhance DevelopingtheNorthernMetropolisKey proposals AllocateHKD 10 billionto accelerate landdevelopment, provide infrastructure,establish venture funds, and develop the Develop San Tin Technopole byestablishing a dedicated company and AllocateHKD 10 billionto support theinitial operation of Hung Shui Kiu Industry Allocate aHKD 10 billionloan to supportcampus development in the Northern Launch pilot NM Urban-rural IntegrationFund, totallingHKD 200 milliontosupport DrivinggrowthwithinnovationandtechnologyKey proposals AllocateHKD 50 millionto help publicorganisations, t