Hong Kong’s budget must help those who need it most

AdvertisementHong Kong economyOpinionHong Kong OpinionAlice WuOpinion | Hong Kong’s budget must help those who need it mostAs the financial secretary prepares his budget speech, he would do well to remember his initial focus on using the city’s wealth to help the needyReading Time:3 minutesWhy you can trust SCMPAlice WuPublished: 5:30am, 23 Feb 2026Maybe it’s because we are riding on the euphoria of good fortune and luck that is associated with the celebration of the Lunar New Year that there hasn’t been much of the noise that we usually hear ahead of the annual budget speech. Typically, the weeks leading up to the speech are filled with groups petitioning and suggesting how the government should be spending its money.Could it be because the start of the Lenten season is coinciding with that of Ramadan? Are we tempered to be less selfish and more contemplative?My guess is that most of us have thrown up our hands, not expecting much from Wednesday’s budget speech so that we cannot be disappointed. This is the fourth budget since the authorities announced that Hong Kong was back on the world stage.

The Hong Kong Jockey Club appears to have jumped the gun with the theme of “Prosperity Gallops Across Hong Kong” for this year’s Lunar New Year fireworks; we have yet to advance from stability to prosperity as President Xi Jinping instructed us to do in 2022.AdvertisementI am aware that I should keep my negativity in check as we’re still in the first month of the new lunar year. Let’s start with the good news that the city is expected to post an early operating account surplus for the first time in years, thanks in part to the boom in the stock market.Financial Secretary Paul Chan Mo-po broke the news last month at a public forum held in preparation for the budget. He stressed that “authorities did not reduce spending on livelihood areas such as healthcare, social welfare and education”.AdvertisementHowever, we should hold our horses. Recall that the government is clawing back money from universities and has announced funding cuts for schools.Prospective students at Chinese University of Hong Kong’s information day at the CUHK campus in Sha Tin in October 2025. Photo: Edmond SoAdvertisementSelect VoiceSelect Speed0.8x0.9x1.0x1.1x1.2x1.5x1.75x00:0000:001.00x