<p>香港财政司司长陈茂波表示，尽管财政状况有所改善，但香港的公共支出增长不应超过收入增长，同时指出市场期待政府增加投资以加速经济发展。但他在周日也为本市的零售行业描绘了乐观的前景，透露将于周二发布的 12 月销售数据将显示增长持续上升。2025 年 11 月的零售总销售额初步估计为 337 亿港元（43 亿美元），同比增长 6.5%。陈预计将在 2 月 25 日公布下一个预算。在他周日的每周博客中，他表示，2026 年本地经济开局良好，得益于股市繁荣，印花税收入意外高涨。上周五，恒生指数收于 27,387 点，本月上涨近 7%。1 月份的日均成交额超过 2720 亿港元，同比增长 90%。陈指出，过去一年股市的繁荣使得政府的运营账户在 2025-2026 财政年度提前一年恢复盈余。他补充说，政府仍需继续发行债券以弥补资本账户的短缺。在他去年 2 月的预算中，陈预计 2025-26 年的综合赤字为 670 亿港元，并预测运营账户将在两年内恢复盈余。该市在截至去年 12 月的九个月期间已录得 439 亿港元的盈余。“在运营账户方面，受益于去年活跃的金融市场，香港股票的日均成交额同比几乎翻倍，达到约 2500 亿港元，印花税收入超出预算预期，” 财政首长写道。“事实上，无论从综合账户还是运营账户来看……香港的公共财政确实在改善。“至于资本账户，持续的基础设施投资和北部都会区的发展意味着仍需发行债券。” 财政司司长承认社会各界有各自的需求，同时强调在满足当前需求与必要的长期投资之间保持平衡的重要性。“然而，即使公共财政改善，我们仍必须谨慎管理公共资源，确保公共支出的增长不超过收入的增长，” 他说。“在预算咨询期间，各个行业和不同生活背景的人们表达了他们对加强支持以满足需求的期望。“与此同时……市场也期待政府增加投资，加快发展更多高附加值产业，创造更多优质就业机会，以便经济能够更快增长，惠及各个领域的人们。“可以说，加速经济发展现在是社会普遍的期望。扩大经济蛋糕将为我们提供更多资源以满足多样化的社会需求。” 展望未来，陈对香港今年的经济前景表示谨慎乐观，指出国家发展稳定和经济增长稳健。“在国家的强大支持和政府与社会各界的共同努力下，香港经济去年增长了 3.5%，好于最初预期，” 他说。“整体投资也显著加速，第四季度同比增长 10.9%，标志着连续四个季度的正增长和全年增长 4.5%。” 他还表示，尽管外部地缘政治波动加剧，香港的金融体系仍保持稳定，运作顺畅，银行存款总额超过 19 万亿港元。“事实上，海外企业和投资者对在香港投资的信心正在增强，” 他在博客中写道。他还承诺，政府将努力与国家第十五个五年规划对接，加快融入国家发展。</p>

盈富基金

南方恒指ETF

安硕恒生指数

恒生指数

<p>香港财政司司长陈茂波表示，尽管财政状况改善，公共支出增长不应超过收入增长。他强调零售行业的积极前景，预计 11 月份销售额将达到 337 亿港元，同比增长 6.5%。陈指出，由于股市繁荣，运营账户出现盈余，同时强调需要谨慎管理公共资源。他对 2026 年表示谨慎乐观，提到国家发展稳定以及去年经济增长 3.5%，整体投资显著增加</p>

<p>Hong Kong’s public expenditure growth should not exceed that of its revenue despite signs of improving finances, Paul Chan Mo-po has said, while noting that the market expects increased government investment to speed up economic development. But the financial secretary on Sunday also painted a rosy picture for the city’s retail sector, revealing that sales figures for December, set to be released on Tuesday, would show that growth was continuing to rise. The value of total retail sales in November 2025 was provisionally estimated at HK$33.7 billion (US$4.3 billion), representing a 6.5 per cent increase year on year. Chan is expected to announce the next budget on February 25. In his weekly blog post on Sunday, he said the local economy had got off to a good start in 2026, seeing an unexpectedly high stamp duty revenue thanks to the stock market boom. The Hang Seng Index closed at 27,387 last Friday, rising by nearly 7 per cent for the month. January’s average daily turnover exceeded HK$272 billion, an increase of 90 per cent compared with the same period last year. Chan noted that a stock market boom over the past year had contributed to the government’s operating account returning to surplus in the 2025-2026 financial year, a year earlier than originally estimated. He added that the government would still need to continue issuing bonds to cover a shortfall in its capital account. In his budget last February, Chan estimated a consolidated deficit of HK$67 billion for 2025-26, and had forecast the operating account would return to a surplus in two years. The city already posted a HK$43.9 billion surplus for the nine-month period ending last December. “On the operating account, benefiting from last year’s buoyant financial markets, with average daily turnover in Hong Kong stocks nearly doubling year‑on‑year to around HK$250 billion, stamp duty revenue exceeded budget expectations,” the finance chief wrote. “In fact, whether viewed from the consolidated account or the operating account … Hong Kong’s public finances are indeed improving. “As for the capital account, continued investment in infrastructure and the Northern Metropolis means bond issuance will still be required.” The financial secretary acknowledged that different sectors of society had their own demands, while emphasising it was important to balance current needs with essential long-term investments. “However, even with improving public finances, we must continue to manage public resources prudently, ensuring that the growth of public expenditure does not exceed the growth of revenue,” he said. “During the budget consultation, people from various sectors and different walks of life expressed their hopes for strengthened support in meeting their needs. “At the same time … the market also expects the government to increase investment, accelerate the development of more high-value-added industries, and create more quality job opportunities so that the economy can grow faster and benefit people across all sectors. “It can be said that accelerating economic development is now a widely shared expectation in society. Expanding the economic pie will give us more resources to meet diverse social needs.” Looking ahead, Chan expressed cautious optimism regarding Hong Kong’s economic prospects this year, pointing to stable national development and steady economic growth. “With the strong support of the nation and the joint efforts of the government and all sectors of society, Hong Kong’s economy grew 3.5 per cent last year, better than initially expected,” he said. “Overall investment also accelerated significantly, recording a notable year‑on‑year increase of 10.9 per cent in the fourth quarter, marking four consecutive quarters of positive growth and a full-year increase of 4.5 per cent.” He also said the city’s financial system had remained stable and operated smoothly, despite heightened external geopolitical volatility, with total bank deposits exceeding HK$19 trillion. “In fact, confidence among overseas enterprises and investors about investing in Hong Kong is strengthening,” he wrote in his blog. He also vowed that the government would work to align with the national 15th five-year plan and accelerate integration into national development.</p>
<div class="lb-trans"><p>香港财政司司长陈茂波表示，尽管财政状况有所改善，但香港的公共支出增长不应超过收入增长，同时指出市场期待政府增加投资以加速经济发展。但他在周日也为本市的零售行业描绘了乐观的前景，透露将于周二发布的 12 月销售数据将显示增长持续上升。2025 年 11 月的零售总销售额初步估计为 337 亿港元（43 亿美元），同比增长 6.5%。陈预计将在 2 月 25 日公布下一个预算。在他周日的每周博客中，他表示，2026 年本地经济开局良好，得益于股市繁荣，印花税收入意外高涨。上周五，恒生指数收于 27,387 点，本月上涨近 7%。1 月份的日均成交额超过 2720 亿港元，同比增长 90%。陈指出，过去一年股市的繁荣使得政府的运营账户在 2025-2026 财政年度提前一年恢复盈余。他补充说，政府仍需继续发行债券以弥补资本账户的短缺。在他去年 2 月的预算中，陈预计 2025-26 年的综合赤字为 670 亿港元，并预测运营账户将在两年内恢复盈余。该市在截至去年 12 月的九个月期间已录得 439 亿港元的盈余。“在运营账户方面，受益于去年活跃的金融市场，香港股票的日均成交额同比几乎翻倍，达到约 2500 亿港元，印花税收入超出预算预期，” 财政首长写道。“事实上，无论从综合账户还是运营账户来看……香港的公共财政确实在改善。“至于资本账户，持续的基础设施投资和北部都会区的发展意味着仍需发行债券。” 财政司司长承认社会各界有各自的需求，同时强调在满足当前需求与必要的长期投资之间保持平衡的重要性。“然而，即使公共财政改善，我们仍必须谨慎管理公共资源，确保公共支出的增长不超过收入的增长，” 他说。“在预算咨询期间，各个行业和不同生活背景的人们表达了他们对加强支持以满足需求的期望。“与此同时……市场也期待政府增加投资，加快发展更多高附加值产业，创造更多优质就业机会，以便经济能够更快增长，惠及各个领域的人们。“可以说，加速经济发展现在是社会普遍的期望。扩大经济蛋糕将为我们提供更多资源以满足多样化的社会需求。” 展望未来，陈对香港今年的经济前景表示谨慎乐观，指出国家发展稳定和经济增长稳健。“在国家的强大支持和政府与社会各界的共同努力下，香港经济去年增长了 3.5%，好于最初预期，” 他说。“整体投资也显著加速，第四季度同比增长 10.9%，标志着连续四个季度的正增长和全年增长 4.5%。” 他还表示，尽管外部地缘政治波动加剧，香港的金融体系仍保持稳定，运作顺畅，银行存款总额超过 19 万亿港元。“事实上，海外企业和投资者对在香港投资的信心正在增强，” 他在博客中写道。他还承诺，政府将努力与国家第十五个五年规划对接，加快融入国家发展。</p>
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陈茂波表示，香港的公共开支增长不能超过收入的增长