Financial results for month ended April 30, 2025
The Government announced today (May 30) its financial results for April 2025, the first month of the current financial year.
Expenditure and revenue for the first month amounted to HK$63.4 billion and HK$38.5 billion respectively, resulting in a deficit of HK$18.9 billion after taking into account HK$6.1 billion received from issuance of Government Bonds and repayment of HK$0.1 billion principal on Government Bonds.
A Government spokesperson said that the deficit in April was mainly due to the fact that some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year.
The fiscal reserves stood at HK$635.4 billion as at April 30, 2025.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended
April 30, 2025
HK$ million |
Revenue |
38,457.9 |
Expenditure |
(63,446.5) |
Deficit before issuance and
repayment of Government Bonds |
(24,988.6) |
Proceeds received from
issuance of Government Bonds |
6,098.9 |
Repayment of Government Bonds* |
(50.4) |
Deficit after issuance and
repayment of Government Bonds |
(18,940.1) |
Financing |
Domestic |
Banking Sector (Note 2) |
16,723.5 |
Non-Banking Sector |
2,216.6 |
External |
- |
Total |
18,940.1 |
* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses. |
Government Debts as at April 30, 2025 (Note 3)
HK$306,963 million
Debts Guaranteed by Government as at April 30, 2025 (Note 4)
HK$126,268 million
TABLE 2. FISCAL RESERVES
Month ended
April 30, 2025
HK$ million |
Fiscal Reserves at start of period |
654,316.8 |
Consolidated Deficit after issuance and
repayment of Government Bonds |
(18,940.1) |
Fiscal Reserves at end of period (Note 5) |
635,376.7 |
Notes:
1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at April 30, 2025, was HK$218,575 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:
(i) the Green Bonds (equivalent to HK$195,978 million as at April 30, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026);
(ii) the Infrastructure Bonds (equivalent to HK$56,244 million as at April 30, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB15,000 million with maturity from December 2025 to November 2034) and Hong Kong dollars (HK$40,230 million with maturity from November 2025 to March 2045); and
(iii) the Silver Bonds with nominal value of HK$54,741 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
They do not include the outstanding bonds with nominal value of HK$169,712 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,759 million as at April 30, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,212 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$1,500 million were repaid upon maturity on May 16, 2025; bonds with nominal value of HK$67,021 million will mature within the period from June 2025 to April 2026 and the rest within the period from May 2026 to May 2042.
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.
5. Includes HK$249,932 million, being the balance of the Land Fund held in the name of "Future Fund", for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
Speech by CS at Nobel Heroes Forum: Shaping Science and Future
Following is the speech by the Chief Secretary for Administration, Mr Chan Kwok-ki, at the Nobel Heroes Forum: Shaping Science and Future today (January 12):
Dr Wong (Chairman of the University of Hong Kong (HKU) Council, Dr Peter Wong), Professor Zhang (President and Vice-Chancellor of the HKU, Professor Zhang Xiang), Mr Turner (Executive Director of Foundation Lindau Nobel Laureate Meetings, Mr Nikolaus Turner), distinguished Nobel Laureates, esteemed scientists,ladies and gentlemen,
Good morning. It is my great pleasure to join you today for the Nobel Heroes Forum: Shaping Science and Future.
To our Nobel Laureates – we are truly privileged to have you with us. You represent the very best of human curiosity and perseverance. Your ground-breaking work expands our understanding of the universe, lights the path for future discovery, and inspires generations. Thank you for joining this extraordinary gathering.
And to all our distinguished guests from around the world – a very warm welcome to Hong Kong.
Today's dialogue is more than an academic event. It is a powerful convergence of the world's finest scientific minds, right here in a city that is determined to play its part in global innovation.
Hong Kong's mission is clear and unwavering: to become a premier international innovation and technology centre. A hub where top scientists, scholars and entrepreneurs can thrive, collaborate and serve the world.
To achieve this, the Government is fully committed. We are building a world-class ecosystem and nurturing the talent to power it.
First, we are building the infrastructure for greatness.
We have established a strategic I&T framework centred on three major I&T (innovation and technology) parks and five key research and development institutions.
Building on the success of the Science Park and Cyberport, we officially launched the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone last month.
The Hetao Co-operation Zone is a major co-operation platform in the Guangdong-Hong Kong-Macao Greater Bay Area under the National 14th Five-Year Plan. The Hong Kong Park is envisioned as a world-class hub for technological innovation, connecting the Chinese Mainland with the international community, and serving as an important source for fostering new quality productive forces.
Together with our five key R&D (research and development) institutions focus on frontier technologies, these developments will create more favourable conditions for Hong Kong to attract global I&T resources and talent.
Second, we are investing decisively.
We back our words with resources. We have launched significant funding schemes across the entire innovation chain.
To support excellent and impactful research, the Research Grants Council (RGC) under the University Grants Committee administers more than 20 competitive research grant and fellowship schemes.
Furthermore, last year we launched the 3 billion HK dollars Frontier Technology Research Support Scheme to empower ground-breaking basic research led by world-class researchers and academics.
To accelerate the midstream and downstream development, we rolled out three separate 10 billion HK dollars initiatives to drive the commercialisation of R&D outcomes and new industrialisation.
Third, and most crucially, we are nurturing and attracting top talent.
Talent is our ultimate driving force. We are expanding our talent pool through multiple strategies.
On nurturing young research talent, the Government has launched the Young Collaborative Research Grant to support early-stage researchers in leading and managing collaborative research. We are also actively fostering research collaboration between Hong Kong, the Chinese Mainland and overseas research funding agencies through operating various Joint Research Schemes. These partnerships not only foster academic exchange but also provide opportunities to nurture researchers in exploring new frontiers in their respective fields.
On attracting global talent, the RGC Junior Research Fellow Scheme has supported some 300 doctoral graduates from Hong Kong and around the world to pursue research careers at our universities.
Our international research flagship, the InnoHK research clusters, is also there to bring together brilliant minds from all over the world to conduct world-class scientific research. To date, our two existing InnoHK research clusters – one focusing on healthcare technology and another on AI and robotics – have successfully built links with over 30 world-class universities and research institutes from 12 economies, pooling together around 3 000 researchers locally and across the globe.
To go further, the Government is now expediting the development of the third InnoHK research cluster, with the focus on sustainable development, energy, advanced manufacturing and materials.
Our strategy follows a powerful cycle: promoting technology with talent, leading industries with technology, and attracting talent with industries.
And we are seeing results. Hong Kong ranks third globally in "Technology" in the World Digital Competitiveness Ranking. The Shenzhen-Hong Kong-Guangzhou cluster ranks first in the 2025 Global Innovation Index Ranking of the World's Top 100 innovation clusters.
Our startup community has grown nearly fivefold in the past decade, producing homegrown unicorns.
This progress is no accident. It is built on Hong Kong's unique strengths. Under "one country, two systems", we enjoy unwavering national support and unparalleled global connectivity. Our robust rule of law, free-flowing capital and vibrant multicultural society make Hong Kong the perfect incubator for scientific exploration and technological breakthroughs.
To every scientist, researcher and innovator here today: Hong Kong is open for you. We provide the platform, the funding, the freedom and the connections to turn visionary ideas into reality.
We invite you to build your legacy here. To join us in shaping not just the future of Hong Kong, but the future of science for humanity.
On this note, let the dialogue begin. I look forward to the fruitful and inspirational exchanges. Thank you.
Source: AI-found images
