Group 1: Economic Outlook - The Hong Kong government has not significantly increased taxes in recent years and has no plans for major tax hikes, focusing on expenditure reduction and revenue enhancement while maintaining a simple low tax system [1][2] - The projected real GDP growth for Hong Kong is 2.5% for 2024 and 3.1% for Q1 2025, which is notably higher than the average growth of 1.5% for the G7 countries in the same period [1] - The Hang Seng Index rose by 20% in the first half of the year, with an average daily trading volume of approximately HKD 240.2 billion, a 118% increase year-on-year [1] Group 2: Fiscal Policy - The 2025-2026 budget aims for fiscal consolidation primarily through expenditure control, with a goal to balance government accounts by that fiscal year and return to surplus by 2026-2027 [2] - The projected budget deficit for the current fiscal year is HKD 67 billion, with significant contributions from increased stamp duty revenue due to higher stock market activity [2] - The government plans to issue HKD 1.5 to 1.95 trillion in bonds over the next five years under sustainable and infrastructure bond programs, with an expected issuance of HKD 150 billion in the current fiscal year [2] Group 3: Support for Businesses - The Hong Kong government is actively supporting businesses, particularly SMEs, through various financing and development programs, including credit guarantees and funds for brand development and market expansion [3] - Hong Kong ranks third globally in competitiveness, with its tax policy ranked first, indicating a strong business environment [3] - The government is also introducing tax incentives for eligible commodity traders to boost the maritime services sector and plans to develop tax incentives for family offices and related wealth management [3] Group 4: Banking Sector Stability - The Hong Kong Monetary Authority reports that local banks maintain a total capital ratio of 24.2% and an average liquidity coverage ratio of 182.5%, both exceeding international standards [4] - Credit risk related to local real estate development is manageable, with banks having taken measures to mitigate risks associated with smaller developers and investors [4] - The overall asset quality in the banking sector is stable, with a credit provisioning coverage ratio of approximately 60%, increasing to about 145% when considering collateral values [4]

Group 1 - The IMF warns that Europe may face the risk of stagnation if immediate measures are not taken to address slowing growth, weak investment, and rising geopolitical risks [1] - The IMF projects that the Eurozone economy will only grow by 0.8% in 2025, despite a historically low unemployment rate and inflation close to target [1] - The IMF highlights the existence of "hidden barriers" within the EU, such as inconsistent regulations and standards, which significantly hinder business expansion and innovation [1] Group 2 - The IMF calls for decisive action from the EU to revitalize productivity by addressing the issue of cross-border fragmentation, which could potentially increase the overall GDP of Europe by about 3% over the next decade [1] - The IMF emphasizes the need for countries with significant fiscal space to invest now to stimulate growth, while those with high debt levels must face fiscal consolidation [2] - The IMF suggests expanding the EU's common budget by 50% to coordinate investments aimed at achieving common goals [2] Group 3 - The IMF warns that companies with exposure to the US may face a more challenging operating environment due to current global trade tensions, potentially leading to increased defaults and bad debts for related banks [2] - Despite these challenges, the IMF notes that the European banking system is currently well-capitalized and liquid, maintaining strong resilience against risks in the short term [2]

香港公布新财政预算案。 2月26日，香港特区政府财政司司长陈茂波公布2025/2026财政年度特区政府财政预算案。他表示，2024年香港经济录得2.5%的温和增长，预计2024 / 2025年 度综合赤字为872亿港元。陈茂波预计2025年经济增长率为2%—3%。 陈茂波表示，面对过去几年多重挑战导致的财政赤字，这份财政预算案提出加强版"财政整合"策略，在维持和改善民生服务的同时，严格管控公共开支；在 顾及香港的竞争力及"用者自付"原则下，适度开源；灵活善用其他各项公共资源和市场力量，加速推动发展，并投资未来。 陈茂波表示，新一份财政预算案强调要牢牢抓紧未来发展的机遇，特别是科技发展催生的创新应用和新增量，并以此驱动经济增长、传统优势产业转型升 级、发展经济新动能。在变局中不断改革、抢占先机，就能为经济可持续发展注入动力，在国家的坚实支持、社会各界的共同努力下，对未来有着坚定的信 心和美好的期盼。 香港特区行政长官李家超表示，财政预算案就香港经济发展和公共财政整合，提出一系列实际和有效措施，巩固特区政府财政实力，并为香港经济发展塑造 新动能和新优势。 受惠国家支持 香港经济稳步发展 陈茂波表示，2024年香港 ...