Finance chief eyes new revenue sources while freezing pay for public servants, cutting civil service positions and reducing education spending.

Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region unveiled his 2025-26 Budget today (February 26). He noted that while geopolitical situation might bring risks, technology reform and artificial intelligence (AI) development are remoulding the global landscape,

Hong Kong will press on with Northern Metropolis project and push for development of AI, finance chief Paul Chan pledges at Post budget forum.

Hong Kong will cut thousands of civil service jobs and boost spending in artificial intelligence as it seeks to tackle an increasing deficit, authorities said Wednesday. Finance Secretary Paul Chan said during a budget speech that there would be a “cumulative reduction” of government recurrent expenditure by 7% from now until 2027-2028.

Driving innovation and technology was a key focus of Hong Kong SAR's Financial Secretary Paul Chan's 2025-26 Budget. Identifying Artificial Intelligence (AI) as being at its core, Mr Chan said Hong Kong would leverage its competitive edge under the "one country,

By doubling down on fiscal austerity and promoting economic development through investment in AI, Hong Kong's financial secretary is putting the city on the right track Reform and innovation have rightly taken the lead in the budget this year.

Hong Kong will press on with Northern Metropolis project and push for development of AI, finance chief Paul Chan pledges at Post budget forum.

Finance chief eyes new revenue sources while freezing pay for public servants, cutting civil service positions, reducing education spending.

BEIJING: As artificial intelligence rapidly transforms the global economic landscape, Hong Kong must and is ready to harness technological innovation to fuel its growth, Financial Secretary Paul Chan Mo-po said in the Sunday blog.

The government-owned Hong Kong Investment Corporation (HKIC), which manages HK$62 billion (US$8 billion) of funds, plans to debut a conference for young emerging artificial intelligence (AI) scientists,

Hong Kong will cut thousands of civil service jobs and increase investments in artificial intelligence to address its growing deficit. Finance Secretary Paul Chan announced a 7% reduction in government spending and emphasized AI as a key sector for future growth.

Artificial intelligence is helping improve trading efficiency, however, a balance with cost efficiency is crucial for financial institutions to stay competitive.