Government to introduce resolution to raise borrowing ceiling to $900 billion for Infrastructure Bond Programme and Government Sustainable Bond Programme
The Government served a notice to the Legislative Council (LegCo) today (March 11) to introduce a resolution under the Loans Ordinance to raise the borrowing ceiling from $500 billion to $900 billion for the Infrastructure Bond Programme (IBP) and the Government Sustainable Bond Programme (GSBP) under the Capital Works Reserve Fund.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "As the Government will accelerate the development of the Northern Metropolis (NM) and other public works projects relating to the economy and people's livelihood, we need to raise the borrowing ceiling to $900 billion to increase our capacity to finance public works projects. The Government's capital works expenditure for 2025-26 is estimated to be about $125 billion. The 2025 Policy Address announced that the Government would earmark an additional $30 billion in the next two to three years to increase expenditure on public works projects to drive sustained economic development and support the local construction industry. The capital works expenditure is estimated to be about $128 billion for 2026-27 and will remain at a similar level from 2027-28 to 2030-31.
"Issuing government bonds is one of the public financial management tools. Issuing bonds to support infrastructure development is a common practice worldwide. As public works projects are long-term investments, in particular those in the NM, there is a need for the Government to issue more longer-term bonds to align more closely the cash flow duration with project requirements. A higher borrowing ceiling and a larger mix of longer-term bonds will bring in more net proceeds. The Government plans to issue about $160 billion to $220 billion worth of bonds per annum from 2026-27 to 2030-31, and the corresponding ratio of government debt to Gross Domestic Product will rise from 14.4 per cent to 19.9 per cent, which is a highly prudent level and well below that of most advanced economies. We hope that the new borrowing ceiling can be effected as soon as possible," Mr Hui emphasised.
The GSBP (previously known as the Government Green Bond Programme (GGBP)) was established in 2018 to promote market development and to further consolidate Hong Kong's position as a green finance hub. The IBP was established in 2024 to enable better management of the cashflow needs of major infrastructure projects and facilitate their early completion. Along with the establishment of the IBP, the GGBP, renamed as the GSBP, was expanded to cover sustainable projects, and the total borrowing ceiling for the two programmes was raised from $200 billion to $500 billion, pursuant to a resolution passed by LegCo in May 2024. The 2026-27 Budget further announced raising the borrowing ceiling to a total of $900 billion for these two programmes to increase the capacity to finance public works projects. The two programmes are overseen by a steering committee chaired by the Financial Secretary.
Subject to the legislative process, the Government will move the resolution in LegCo on April 1.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, Photo source: reference image
HKSAR LegCo strongly condemns foreign media organisation for misleading international society and whitewashing Lai Chee-ying's offenses
The following is issued on behalf of the Legislative Council Secretariat:
A spokesman for the Legislative Council ("LegCo") today (May 1) strongly condemned the release of a so-called press freedom index by a foreign media organisation and presentation of a so-called award to the national security offender Lai Chee-ying to sugarcoat his criminal acts, and smear the press freedom and rule of law in the Hong Kong Special Administrative Region ("HKSAR"). LegCo strongly condemns and firmly opposes all untrue comments that defame the human rights and rule of law in the HKSAR.
LegCo's spokesman stressed, "Hong Kong citizens enjoy freedom of the press and freedom of speech as protected under the Basic Law and the Hong Kong Bill of Rights. The Hong Kong National Security Law ("HKNSL") and the Safeguarding National Security Ordinance ("SNSO") clearly stipulate that human rights shall be respected and protected in safeguarding national security. The rights and freedoms, including the freedoms of the press, of speech and of publication, enjoyed by Hong Kong people under the Basic Law and the provisions of the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights as applied to the HKSAR, are protected in accordance with the law. Facts speak louder than the words. Since the implementation of the HKNSL and the SNSO, Hong Kong society as a whole has thrived and returned to rationality and safety."
LegCo's spokesman emphasised, "Lai Chee-ying has been sentenced to 20 years in prison and the evidence is irrefutable. During the trial, a vast amount of evidence testified that for years, under the guise of journalism, democracy, and freedom, Lai Chee-ying utilised media platforms as political tools to incite hatred and commit acts that harmed both the country and Hong Kong. This included using media platforms to call for foreign forces to interfere in Hong Kong affairs and to impose sanctions on Chinese and Hong Kong officials. The court conducted a rigorous, fair, just and open trial lasting 156 days. The reasons for the verdict, spanning 855 pages, have been fully disclosed for public inspection; they set out in detail the judges' rigorous analysis of legal principles and evidence, and clearly explain the reasons for finding Lai Chee-ying and the three defendant companies guilty. The judgment also pointed out that Lai Chee-ying was not on trial for his political views or beliefs. The court's conviction is well-reasoned and sound, fully demonstrating that the court makes rulings strictly in accordance with the law and evidence, free from any interference."
LegCo's spokesman said, "As emphasised by the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council,Mr Xia Baolong,in his speech on this year's National Security Education Day, Hong Kong's transition from chaos to order, and from order to prosperity, profoundly demonstrates that there is no development without security, and without security, everything is out of the question. Only by holding the bottom line of security can we achieve development and win the future."
LegCo's spokesman reiterated, "LegCo will continue to firmly fulfil its constitutional responsibilities, support the SAR Government's administration in accordance with the law, uphold the rule of law and ensure the steadfast and successful implementation of 'one country, two systems'. LegCo urges the international community to recognise the facts and immediately stop making any groundless, fact-distorting, misleading and malicious attacks against Hong Kong."
Source: AI-found images
