Government's financial results for seven months ended October 31, 2025
The Government announced today (November 28) its financial results for the seven months ended October 31, 2025.
Expenditure and revenue from April to October 2025 amounted to HK$438.9 billion and HK$292.4 billion respectively, resulting in a deficit of HK$56.8 billion after taking into account HK$116.6 billion received from issuance of Government Bonds and repayment of HK$26.9 billion principal on Government Bonds.
A Government spokesperson said that the deficit for the period 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$597.5 billion as at October 31, 2025.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended
October 31, 2025
HK$ million
Seven months ended
October 31, 2025
HK$ million
Revenue
57,189.6
292,463.7
Expenditure
(65,685.3)
(438,915.0)
Deficit before issuance
and repayment of
Government Bonds
(8,495.7)
(146,451.3)
Proceeds received from
issuance of
Government Bonds
55,000.0
116,555.8
Repayment of
Government Bonds*
(75.9)
(26,875.0)
Surplus/(Deficit) after issuance
and repayment of
Government Bonds
46,428.4
(56,770.5)
Financing
Domestic
Banking Sector (Note 2)
(46,384.4)
53,214.3
Non-Banking Sector
(44.0)
3,556.2
External
-
-
Total
(46,428.4)
56,770.5
* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.
Government Debts as at October 31, 2025 (Note 3)
HK$392,275 million
Debts Guaranteed by Government as at October 31, 2025 (Note 4)
HK$115,706 million
TABLE 2. FISCAL RESERVES
Month ended
October 31, 2025
HK$ million
Seven months ended
October 31, 2025
HK$ million
Fiscal Reserves at start of period
551,117.9
654,316.8
Consolidated Surplus/(Deficit) after
issuance and repayment of
Government Bonds
46,428.4
(56,770.5)
Fiscal Reserves at end of period
(Note 5)
597,546.3
597,546.3
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 October 31, 2025, was HK$170,157 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$192,217 million as at October 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$10,950 million with maturity from January 2026 to January 2053), euros (5,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB32,000 million with maturity from February 2026 to July 2054) and Hong Kong dollars (HK$22,000 million with maturity from February 2026 to October 2026);
(ii) the Infrastructure Bonds (equivalent to HK$90,623 million as at October 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB31,250 million with maturity from December 2025 to June 2055) and Hong Kong dollars (HK$56,480 million with maturity from November 2025 to June 2055); and
(iii) the Silver Bonds with nominal value of HK$109,435 million (with maturity in October 2027 and October 2028 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$124,262 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,770 million as at October 31, 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$53,762 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$77,162 million will mature within the period from November 2025 to October 2026, and the rest within the period from November 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$249,817 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.
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