Govt to issue HK$120bn worth of bonds
The SAR government will issue HK$120 billion worth of bonds in the 2024/25 financial year, Paul Chan announced in his budget speech on Wednesday.  The financial secretary said this will include HK$50 billion worth of silver bonds, as well as HK$20 billion in green and infrastructure bonds in order to "achieve financial inclusiveness and enhance a sense of participation in infrastructure and sustainable development among the public". Chan said he would set a total borrowing ceiling of HK$500 billion for the Government Green Bond and Infrastructure Bond Scheme, to increase flexibility in quota re-allocation. "The sums borrowed will be credited to the Capital Works Reserve Fund for investment in projects which are conducive to long-term development.  These two programmes will gradually replace the existing Government Bond Programme," he said. Meanwhile, Chan said he was extending the Grant Scheme for Open‑ended Fund Companies and Real Estate Investment Trust for three years, to drive market development. A task force will also be set up to discuss with the industry measures for further developing the asset and wealth management industry. Chan also noted that applications will soon be invited for the new Capital Investment Entrant Scheme (CIES), for those who invest HK$30 million into qualifying assets and the tech sector. "The new CIES will help strengthen our advantages in developing the asset and wealth management industry and related professional service sectors in Hong Kong, while supporting the I&T sector's development," he said.