Hong Kong’s new budget is positioned to foster high-quality, inclusive growth through innovation and finance. Ahead of projections, a surplus of HK$2.9 billion (US$370.8 million) is now expected, largely due to the stronger-than-expected stock market and tax receipts.Reflecting a sound fiscal approach and forward thinking, the 2026-27 budget will maintain an operating surplus and allocate about 60 per cent of recurrent spending to vital sectors such as health, social welfare and education. The introduction of AI+, artificial intelligence as a tool for economic reinvention, emphasises the commitment to leveraging technology for enhanced growth.
With any long-term growth strategy, however, human capital resilience is as critical as technological investment. As society embraces AI, we need to ensure its development and adoption in our business activities do not come at the expense of Hong Kong’s mental wellness – a major systemic vulnerability.
The recently released World Mental Health Hong Kong Study found that over a 10th of the population had suffered for at least a year from a mental disorder, with anxiety the most common. In addition, the latest figures from the Hong Kong Jockey Club Centre for Suicide Research and Prevention put the 2024 suicide rate at 14.1 per 100,000 people, higher than in 2023, with a marked rise among men aged 25-39, a cohort essential for workforce renewal.
Hong Kong’s service capacity, however, presents challenges. Last year, new non-urgent outpatient psychiatric patients had to wait a median 30-76 weeks for treatment, according to Hospital Authority data, with some waiting 101 weeks – compounding illness severity, the strain on families and downstream costs.
Hong Kong needs to urgently address its mental health concerns – and there are strong economic reasons for doing so. The World Health Organization found that every US$1 invested in scaled-up treatment for depression and anxiety yields roughly US$4 in improved health and productivity.
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Record surplus prompts Hong Kong government to offer tax relief, sweeteners
Record surplus prompts Hong Kong government to offer tax relief, sweeteners