Hong Kong Financial Secretary Paul Chan Mo-po unveiled the 2026-27 Budget on Wednesday, laying out the initiatives to promote the city's continued development and prosperity. 

He highlighted that this year marks the launch of the National 15th Five-Year Plan. The country's continued high-level opening-up, along with advancements in science and technology, offers Hong Kong fresh prospects.

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Chan outlined several initiatives to boost innovation and technology, aiming for widespread adoption and integration of artificial intelligence across all societal levels. In the financial sector, Hong Kong will actively align with national development plans, promote the international use of the Renminbi, and persist in reforming the securities market.

The Budget also suggests enhancements to various tax allowances, including those for basic, single parent, married persons, children, dependent parents or grandparents, and increases the deduction limit for elderly residential care expenses, effective from the 2026/27 assessment year.

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Chan emphasized that Hong Kong has historically flourished through adaptability and innovation. The city must capitalize on its advantages and the steadfast support of the nation to accelerate sustainable economic growth, thereby creating improved opportunities for its residents and enhancing their quality of life.

China Daily's Andy Chong, Adam Lam, and Edmond Tang took the photos on Wednesday.