<p>香港財政司司長陳茂波表示，儘管財政狀況有所改善，但香港的公共支出增長不應超過收入增長，同時指出市場期待政府增加投資以加速經濟發展。但他在週日也為本市的零售行業描繪了樂觀的前景，透露將於週二發佈的 12 月銷售數據將顯示增長持續上升。2025 年 11 月的零售總銷售額初步估計為 337 億港元（43 億美元），同比增長 6.5%。陳預計將在 2 月 25 日公佈下一個預算。在他週日的每週博客中，他表示，2026 年本地經濟開局良好，得益於股市繁榮，印花税收入意外高漲。上週五，恒生指數收於 27,387 點，本月上漲近 7%。1 月份的日均成交額超過 2720 億港元，同比增長 90%。陳指出，過去一年股市的繁榮使得政府的運營賬户在 2025-2026 財政年度提前一年恢復盈餘。他補充説，政府仍需繼續發行債券以彌補資本賬户的短缺。在他去年 2 月的預算中，陳預計 2025-26 年的綜合赤字為 670 億港元，並預測運營賬户將在兩年內恢復盈餘。該市在截至去年 12 月的九個月期間已錄得 439 億港元的盈餘。“在運營賬户方面，受益於去年活躍的金融市場，香港股票的日均成交額同比幾乎翻倍，達到約 2500 億港元，印花税收入超出預算預期，” 財政首長寫道。“事實上，無論從綜合賬户還是運營賬户來看……香港的公共財政確實在改善。“至於資本賬户，持續的基礎設施投資和北部都會區的發展意味着仍需發行債券。” 財政司司長承認社會各界有各自的需求，同時強調在滿足當前需求與必要的長期投資之間保持平衡的重要性。“然而，即使公共財政改善，我們仍必須謹慎管理公共資源，確保公共支出的增長不超過收入的增長，” 他説。“在預算諮詢期間，各個行業和不同生活背景的人們表達了他們對加強支持以滿足需求的期望。“與此同時……市場也期待政府增加投資，加快發展更多高附加值產業，創造更多優質就業機會，以便經濟能夠更快增長，惠及各個領域的人們。“可以説，加速經濟發展現在是社會普遍的期望。擴大經濟蛋糕將為我們提供更多資源以滿足多樣化的社會需求。” 展望未來，陳對香港今年的經濟前景表示謹慎樂觀，指出國家發展穩定和經濟增長穩健。“在國家的強大支持和政府與社會各界的共同努力下，香港經濟去年增長了 3.5%，好於最初預期，” 他説。“整體投資也顯著加速，第四季度同比增長 10.9%，標誌着連續四個季度的正增長和全年增長 4.5%。” 他還表示，儘管外部地緣政治波動加劇，香港的金融體系仍保持穩定，運作順暢，銀行存款總額超過 19 萬億港元。“事實上，海外企業和投資者對在香港投資的信心正在增強，” 他在博客中寫道。他還承諾，政府將努力與國家第十五個五年規劃對接，加快融入國家發展。</p>

盈富基金

南方恆指ETF

安碩恆生指數

恆生指數

<p>香港財政司司長陳茂波表示，儘管財政狀況改善，公共支出增長不應超過收入增長。他強調零售行業的積極前景，預計 11 月份銷售額將達到 337 億港元，同比增長 6.5%。陳指出，由於股市繁榮，運營賬户出現盈餘，同時強調需要謹慎管理公共資源。他對 2026 年表示謹慎樂觀，提到國家發展穩定以及去年經濟增長 3.5%，整體投資顯著增加</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>香港財政司司長陳茂波表示，儘管財政狀況有所改善，但香港的公共支出增長不應超過收入增長，同時指出市場期待政府增加投資以加速經濟發展。但他在週日也為本市的零售行業描繪了樂觀的前景，透露將於週二發佈的 12 月銷售數據將顯示增長持續上升。2025 年 11 月的零售總銷售額初步估計為 337 億港元（43 億美元），同比增長 6.5%。陳預計將在 2 月 25 日公佈下一個預算。在他週日的每週博客中，他表示，2026 年本地經濟開局良好，得益於股市繁榮，印花税收入意外高漲。上週五，恒生指數收於 27,387 點，本月上漲近 7%。1 月份的日均成交額超過 2720 億港元，同比增長 90%。陳指出，過去一年股市的繁榮使得政府的運營賬户在 2025-2026 財政年度提前一年恢復盈餘。他補充説，政府仍需繼續發行債券以彌補資本賬户的短缺。在他去年 2 月的預算中，陳預計 2025-26 年的綜合赤字為 670 億港元，並預測運營賬户將在兩年內恢復盈餘。該市在截至去年 12 月的九個月期間已錄得 439 億港元的盈餘。“在運營賬户方面，受益於去年活躍的金融市場，香港股票的日均成交額同比幾乎翻倍，達到約 2500 億港元，印花税收入超出預算預期，” 財政首長寫道。“事實上，無論從綜合賬户還是運營賬户來看……香港的公共財政確實在改善。“至於資本賬户，持續的基礎設施投資和北部都會區的發展意味着仍需發行債券。” 財政司司長承認社會各界有各自的需求，同時強調在滿足當前需求與必要的長期投資之間保持平衡的重要性。“然而，即使公共財政改善，我們仍必須謹慎管理公共資源，確保公共支出的增長不超過收入的增長，” 他説。“在預算諮詢期間，各個行業和不同生活背景的人們表達了他們對加強支持以滿足需求的期望。“與此同時……市場也期待政府增加投資，加快發展更多高附加值產業，創造更多優質就業機會，以便經濟能夠更快增長，惠及各個領域的人們。“可以説，加速經濟發展現在是社會普遍的期望。擴大經濟蛋糕將為我們提供更多資源以滿足多樣化的社會需求。” 展望未來，陳對香港今年的經濟前景表示謹慎樂觀，指出國家發展穩定和經濟增長穩健。“在國家的強大支持和政府與社會各界的共同努力下，香港經濟去年增長了 3.5%，好於最初預期，” 他説。“整體投資也顯著加速，第四季度同比增長 10.9%，標誌着連續四個季度的正增長和全年增長 4.5%。” 他還表示，儘管外部地緣政治波動加劇，香港的金融體系仍保持穩定，運作順暢，銀行存款總額超過 19 萬億港元。“事實上，海外企業和投資者對在香港投資的信心正在增強，” 他在博客中寫道。他還承諾，政府將努力與國家第十五個五年規劃對接，加快融入國家發展。</p>
</div>

陳茂波表示，香港的公共開支增長不能超過收入的增長