香港2026-2027年度财政预算摘要

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 firstsurplus recorded since 2021-22. Hong Kong’s fiscal reserves remain relatively healthy and are projected to stand at HKD 657.2 billion as at 31 March 2026. 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.At the same time, the Government plans to refine tax deductions for R&D activities to strengthen scientific collaboration between Hong Kong and the Greater Bay Area; •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 investmentsfor tax concessions; •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 maintainingHong Kong’s competitiveness in the medium to long term and achieving sustainable growth. 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 suchinformation without appropriate professional advice after a thorough examination of the particular situation. Legislative proposals do not generally become law until their enactment and may be modified by the Legislative Council before enactment. It should be noted that the information is presented in summary form and readers are advised to seek professional advice before formulating business decisions. Content HongKongSAReconomicindicators04 Budgetproposalsataglance 05Estimated consolidated fiscal position 11 Striving for diversified development 062026-27 government revenue andexpenditure (estimated) 12Developing the Northern Metropolis 13Driving growth with innovationand technology 07Real gross domestic productgrowth rate 14Supporting SMEs and nurturing localtalent 24 08Underlying inflation rate Property Tax, Rates, Stamp Duty and HotelAccommodation Tax 09Unemployment rate 15Caring society 16Land and housing HongKongSAReconomicindicators Estimated consolidated fiscalposition In Hong Kong dollars 2026/27governmentrevenueandexpenditure(estimated) Realgrossdomesticproductgrowthrate Overall, the Hong Kong economygrew 3.5% year-on-year in 2025.International geopolitical and globaleconomic conditions continue to becomplex and volatile. Hong Kong’seconomy remains resilient and willcontinue to record growth in theforeseeable future. Underlyinginflation rate The underlying inflation rate in 2025is estimated to be 1.1%, which isslightly lower than in the prior year.Looking ahead, Hong Kong’sinflationary pressure is expected toremain moderate. Unemployment rate The unemployment rate as atJanuary 2026 in Hong Kong