On February 26, Hong Kong financial secretary Paul Chan delivered the 2025-26 Hong Kong budget report – which sees a turquoise cover this year to symbolise a ‘blue ocean of opportunities’ – detailing a series of measures and budget plans to manage public finances and tackle Hong Kong’s economic challenges:
Following the recently opened western section of the East Coast Boardwalk in North Point, the eastern section of the Boardwalk, the Hung Hom Urban Park (Phase 2), and the open space at Eastern Street North in Sai Ying Pun will also be completed this year.
Refreshment stalls at harbourfront locations in Central, Wan Chai, North Point, and Tsim Sha Tsui will be set up this year.
The waterfront and former pier sites at the south of Hung Hom Station will also be developed into a new harbourfront landmark, featuring commercial and residential developments, retail, dining, entertainment facilities, and a yacht club for promoting yacht tourism. Land use proposals will be put forward in the middle of this year.
Authorities have earmarked $470 million to purchase around 600 electric buses, and $135 million to purchase 3,000 electric taxis.
14 Integrated Community Rehabilitation Centres will be set up across the city to provide persons with disabilities who require medium to high-level care with support services. 1,280 additional day community rehabilitation and home care service places will also be provided.
A total of $1.23 billion will be allocated to the Hong Kong Tourism Board (HKTB) in the coming year. Immersive experience zones of Hong Kong culture will be established in all four annual Art Basel shows around the world. ‘Live Travel Map’ and ‘Smart Itinerary Planner’ are to be provided for visitors.
Promotion of tourism products such as eco‑tourism, panda tourism, and horse-racing tourism will also be reinforced to enrich travel experiences in Hong Kong.
The government will also continue staging international or large‑scale arts and cultural events in Hong Kong through the Mega Arts and Cultural Events Fund to promote the city’s status as an East‑meets‑West centre for international cultural exchange.
The government is working with the Shenzhen authorities to develop two cross‑boundary railway projects, including the Hong Kong‑Shenzhen Western Rail Link (Hung Shui Kiu – Qianhai) and the Northern Link Spur Line, both of which are expected to commence this year.
90 hectares of land in the Northern Metropolis is reserved to develop the Northern Metropolis University Town, which will include the city’s third medical school.
$1 billion has been allocated to establish the Hong Kong AI Research and Development Institute to focus on research and development as well as industrial applications of AI.
$3.7 million is allocated to facilitate phase one development of the Hong Kong Park. Upon completion, it is expected to provide 52,000 job opportunities with annual contribution to Hong Kong's economy expected to reach $52 billion.
More information on the 2025-26 Hong Kong budget can be found on budget.gov.hk.
Taobao's first physical furniture store Papabo officially opens in TST
