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A few words before the Budget

After months of efforts, the Budget for the next financial year is now all set for delivery on the coming Wednesday. Similar to the past few years, I frequently reached out to members of the public and various sectors when preparing the Budget, with a view to understanding their needs and grasping their thoughts. After striking a balance between different considerations and constraints, we have finalised the framework and initiatives of the Budget.

Given our work to combat economic downturn and the pandemic, the fiscal deficit of the current financial year will hit a record high. As the economy has yet to recover, we have to maintain a counter-cyclical approach to provide cushioning effects to the economy. This will nonetheless lead to a relatively high level of fiscal deficit, and present a rather challenging premise for the upcoming Budget.

To live within the means may sometimes give a feeling of limited. Nonetheless, no matter how big or small the meal is, what matters most is that all of us could stay together and support each other with optimism. The epidemic will be over one day and the difficulties can be overcome. After going through the challenges, we will come out stronger and more resilient.

There is a season for everything. There are also cycles for the economy. As humble as it may be, every seed carries with it the potential of life. This is the inspiration behind the colour of the Budget cover this year, which represents the hopes we all share for our future.

February 21, 2021