Paul Chan Mo-po has recently been in the news due to his initiatives aimed at bolstering Hong Kong's economy amid global uncertainties. His focus on fiscal austerity and investment in artificial intelligence has garnered attention as the city seeks to enhance its financial stability and growth. Additionally, Chan's involvement in discussions regarding the expansion of sports gambling options, particularly with the Hong Kong Jockey Club, has sparked public interest and debate.
Born on March 18, 1955, Paul Chan is a seasoned politician and economist. He has served as the Financial Secretary of Hong Kong since 2017, where he oversees the city's financial policies and budgetary matters. Prior to this role, he was the Secretary for Development, responsible for urban planning and infrastructure. Chan has also been a member of the Legislative Council, representing the accountancy sector, and has a background in accounting and finance, which informs his approach to economic governance in Hong Kong.
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Financial Secretary Paul Chan Mo-po has unveiled Hong Kong's annual budget, emphasizing fiscal consolidation amid a projected deficit exceeding HK$100 billion. Key initiatives include investments in artificial intelligence, tax concessions, and measures to stimulate tourism, while also addressing public spending cuts and revenue generation strategies. The budget aims to balance immediate needs with long-term growth.
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Hong Kong's Financial Secretary Paul Chan announced plans to explore legalizing basketball betting to combat illegal gambling. The initiative aims to redirect an estimated HK$70 billion to HK$90 billion in illegal bets into regulated channels, potentially generating HK$1.5 billion to HK$2 billion in annual tax revenue. The Hong Kong Jockey Club is preparing a proposal.
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On March 15, 2025, the WeTech Academy was inaugurated in Hong Kong, aiming to enhance youth skills in technology and entrepreneurship. This initiative aligns with national goals to promote employment through innovation, particularly targeting high-unemployment groups like recent graduates. The program includes collaborations with schools and businesses to provide practical learning opportunities.
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Lens Technology, a key supplier for Apple, plans to list in Hong Kong, joining a wave of mainland firms seeking IPOs amid improved market conditions. Financial Secretary Paul Chan forecasts significant fundraising potential for the city this year, driven by favorable policies and rising investor confidence.
