Connect with us

Media OutReach

Budget to maintain Hong Kong’s competitiveness amid fiscal consolidation

Published

on

HONG KONG SAR – Media OutReach Newswire – 27 February 2025 – Hong Kong SAR’s Financial Secretary Paul Chan delivered his 2025-26 Budget yesterday (February 26), with clear path and initiatives to rein in the deficit, while accelerating the city’s development and maintaining its competitive edge of a low and simple tax regime.

“The key is managing expenditure growth, making good use of the Government’s fiscal resources, and identifying new revenue resources,” Mr Chan said.

Hong Kong SAR’s Financial Secretary, Paul Chan (second left), at a press conference on the 2025-26 Budget

He forecast a consolidated deficit of $87.2 billion for 2024/25 with the Operating Account returning to surplus within two years.

The deficit, Mr Chan said, was largely due to the impact of counter-cyclical measures launched in response to the COVID-19 pandemic as well as challenges such as the geopolitical landscape and related disruptions to trade, supply chain, cash flow and sentiment in the investment market.

Under a proposed “reinforced version” of the fiscal consolidation programme, Mr Chan announced a range of measures, including a cumulative reduction of 7% in government expenditure by 2027-28, compared to the level in 2024-25.

The Government has also put forward that the executive authorities, the legislature, the judiciary and members of the District Councils take a pay freeze for 2025-26. That includes, among others, the Chief Executive and all politically appointed officials, and all civil servants.

The civil service establishment will be reduced by 2% each in 2026-27 and 2027-28, with about 10,000 posts expected to be deleted within the next two years.

“The Government has all along endeavoured to deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services,” Mr Chan said.

The Budget proposes a reinforced version of fiscal consolidation programme to restore fiscal balance in the Operating Account within the current term of Government
The Budget proposes a reinforced version of fiscal consolidation programme to restore fiscal balance in the Operating Account within the current term of Government

Meanwhile, the conditions of the two public transport fare subsidy schemes will be adjusted, with expected saving of $6.2 billion in the next five years.

Alongside controls on government expenditure, the Financial Secretary proposed a raft of measures to boost revenue, notably by adjusting some government fees and charges under the “user pays” and “affordable users pay” principle.

These include, for example, reviewing government fees and charges for road users in relation to some tunnel tolls, trunk roads, licences and parking charges, and increasing the rate of air passenger departure tax from $120 to $200 per passenger starting from October 2025.

The Financial Secretary noted that issuing bonds to support infrastructure development is a common practice worldwide.

To take forward major infrastructure projects, particularly the Northern Metropolis development, Mr Chan said “Hong Kong has the prerequisite and capability to suitably increase bond issuance, thereby effectively utilising market resources.”

“With the increase in capital works expenditure, I will expand the scale of bond issuance accordingly. It is expected that during the five-year period from 2025-26 to 2029-30, a total of about $150 billion to $195 billion worth of bonds will be issued under the Government Sustainable Bond Programme and the Infrastructure Bond Programme every year.” He remarked that bonds will not be issued to fund government recurrent expenditure; instead, they will be used to invest in infrastructure only.

The ratio of Hong Kong SAR Government debt to GDP will stay at 12 to 16.5 per cent, which is a prudent and manageable level, and is much lower than most of the advanced economies, Mr Chan emphasised.
Hashtag: #hongkong #brandhongkong #asiasworldcity #budget





The issuer is solely responsible for the content of this announcement.

Media OutReach

The 1st Taiwan International Plant-Based Festival Launches in Singapore: Showcasing Taiwan’s Sustainable and Creative Farming and Aesthetics Through Mango Pineapples and Orchids

Published

on

SINGAPORE – Media OutReach Newswire – 2 June 2026 – To position Taiwan’s premium agricultural products as high-end choices in global markets, Taiwan’s Ministry of Agriculture has partnered with the renowned Taiwanese pure-vegan fine-dining brand, YM Spring, to co-organize the inaugural “Taiwan International Plant-Based Festival” in Singapore. Running for four months from May 30 to September 30, this campaign features a diverse lineup of activities, including a plant-based promotion during the Vesak Day celebrations at Fo Guang Shan (Singapore), the “Fruity Symphony” set menu collaboration with the local iconic restaurant “Si Chuan Dou Hua Restaurant,” and an immersive floral and produce exhibition hosted at the official residence of the Taipei Representative Office in Singapore. Together, these events showcase the exquisite selection, cultural aesthetics, and sustainable value of Taiwanese agricultural products.

The Ministry of Agriculture stated that the festival’s first wave debuted from May 30 to June 1 during the “2026 Singapore Vesak Day Celebrations”. In partnership with Fo Guang Shan (Singapore), this initiative successfully integrated Taiwanese agricultural products into a religious, cultural, and festive setting for a cross-domain showcase. The event especially highlighted Taiwan’s new agricultural innovation, the “Mango Pineapple (Tainung No. 23)“. Celebrated for its delicate flesh and intense aroma, it blends a tropical mango-like fragrance with the perfect sweet-and-sour pineapple flavor, demonstrating Taiwan’s achievements in fruit breeding and quality research. On-site tasting sessions drew crowds of local residents, allowing Singaporean consumers to directly experience the sweet, juicy, and distinctive charm of Taiwan’s mango pineapples.

Press release photo 2

In addition to the featured fruits, Taiwanese floriculture emerged as a major highlight of the event. Premium Taiwanese Phalaenopsis (moth orchids) adorned the official Vesak Day banquet venue, with their elegant shapes, diverse colors, and exceptional longevity, proudly demonstrating the global competitiveness of Taiwan’s orchid industry in breeding and cultivation. Concurrently, Taiwanese Oncidium orchids—also known as dancing lady orchids—were seamlessly integrated into the decor at Fo Guang Shan (Singapore). This harmony of floral artistry and festive space beautifully presented a refined, elegant, and culturally rich aesthetic image of Taiwanese agriculture.

The Ministry of Agriculture noted that Singapore is Taiwan’s 9th-largest export market for agricultural products, with the export value reaching USD 130 million in 2025 (Year 114), making it a vital hub for Taiwan’s expansion into Southeast Asia and global high-end markets. The “Taiwan International Plant-Based Festival” is far more than a standard agricultural promotion; it is a premium brand showcase centered on plant-based dining, sustainable agriculture, and exquisite fruits and flowers. Through these festive experiences, culinary applications, and curated exhibitions, the initiative aims to deepen the Singaporean market’s recognition of and appreciation for Taiwanese agricultural products.

Hashtag: #MinistryofAgriculture #YMSpring

The issuer is solely responsible for the content of this announcement.

Continue Reading

Media OutReach

Vinpearl Expands Partnerships In The Philippines, Strengthening Brand Presence Across Southeast Asia

Published

on

MANILA, PHILIPPINES – Media OutReach Newswire 2 June 2026 – Vinpearl Joint Stock Company has signed Memorandums of Understanding (MoUs) with CAITO and Klook, partners with extensive networks and influence in the travel and digital tourism sectors in the Philippines and across the region. The agreements aim to enhance Vinpearl’s brand presence while promoting premium resort, golf, MICE and travel experience products in Nha Trang, Phu Quoc, and Da Nang to Filipino travelers.

The MoUs were signed during the Vietnam–Philippines Business Forum, held as part of the official visit by Party General Secretary and President Tô Lâm to the Republic of the Philippines.

The partnership with CAITO aims to enhance Vinpearl’s brand awareness within the Philippines’ travel trade community while creating additional opportunities to develop hospitality, entertainment and MICE offerings in Nha Trang, Phu Quoc and Da Nang. CAITO is currently one of the Philippines’ leading tourism organizations, with an extensive network of travel businesses across the region.

With Klook, one of Asia’s leading travel experience platforms, Vinpearl and VinWonders aim to expand their strategic collaboration across distribution, communications and tourism promotion in key international markets, particularly the Philippines and broader Southeast Asia. The partnership is expected to expand the presence of the Vinpearl–VinWonders ecosystem in major international markets, while further elevating Vietnam’s tourism image across global travel and digital media platforms.

Ms. Ngo Thi Huong, Chief Executive Officer of Vinpearl, shared: “Through these agreements in the Philippines, alongside a series of partnership initiatives in Thailand and Singapore, Vinpearl aims to drive high-quality inbound tourism to Vietnam, strengthen connectivity among ASEAN markets, and enhance the competitiveness of Vietnam’s tourism industry. With an integrated ecosystem spanning hospitality, entertainment, golf, and commercial services, Vinpearl remains committed to pioneering world-class experiences that contribute to positioning Vietnam as a leading destination in the Asia-Pacific region.”

Mr. Michelle Ho, Chief Executive Officer of Klook Philippines, said: “Vinpearl currently operates one of the region’s most distinctive tourism and entertainment ecosystems, with strong capabilities in integrating hospitality, theme parks and premium leisure experiences. We believe our partnership with Vinpearl will further enhance the appeal of Nha Trang, Phu Quoc and Da Nang among travelers across the region.”

Previously, during its business engagements in Thailand and Singapore, Vinpearl also entered into MoUs with Agoda, AirAsia MOVE, BeMyGuest and GlobalTix to expand international distribution channels for its hospitality, resort and travel experience offerings.

Together with the agreements established in the Philippines, this series of partnerships with leading regional players across aviation, travel trade, digital tourism, and travel distribution reflects Vinpearl’s ongoing efforts to build a comprehensive international market development network across Southeast Asia.

Beyond expanding its partner ecosystem, these collaborations provide a foundation for Vinpearl to strengthen its presence in key markets, engage more effectively with international travelers, and enhance the competitiveness of Vietnam’s tourism industry within the region.

Hashtag: #Vinpearl

The issuer is solely responsible for the content of this announcement.

About CAITO

CAITO (Calabarzon Alliance of Independent Tour Operators, Inc.) ONE CALABARZON is an association of independent travel businesses and tourism partners in the Philippines, established in 2020. With a rapidly expanding member network and close collaboration with the Philippines Department of Tourism (DOT), CAITO has become one of the country’s most dynamic tourism organizations, playing an active role in tourism promotion, business connectivity and international collaboration, particularly in the areas of MICE and B2B. The organization is anchored in a vision to promote Philippine destinations, tourism products, cultural heritage, cuisine, and services while strengthening the country’s tourism identity through collaboration, shared promotion, and collective growth.

About Klook
Klook is one of the leading travel experience platforms in the Asia-Pacific region, offering attractions, tours, transportation, accommodation, and travel services on a global scale. To date, Klook has recorded more than 65 million bookings across over 200 markets, supporting more than 40 payment methods alongside e-ticketing services and 24/7 customer support.

The platform currently operates a community of more than 30,000 content creators across 88 markets, helping promote tourism and inspire exploration for millions of travelers worldwide.

About Vinpearl

Vinpearl is Vietnam’s leading tourism, hospitality and entertainment brand, currently operating 60 properties across 20 provinces and cities nationwide. Its ecosystem includes a network of five-star hotels and resorts with more than 17,500 rooms; 16 VinWonders theme parks offering a wide range of attractions for all audiences; six world-class golf courses; and three international-standard convention centers and theaters under the VinPalace brand. The ecosystem also features two semi-wildlife conservation and care parks, an equestrian academy, and million-dollar live-action shows in Nha Trang and Phu Quoc, attracting millions of visitors each year.

Continue Reading

Media OutReach

HKUST Announces the Appointment of Prof. King Li as the Founding Dean of Medicine

Published

on

HONG KONG SAR – Media OutReach Newswire – 1 June 2026 – The Hong Kong University of Science and Technology (HKUST) today announced the appointment of internationally renowned physician-scientist Prof. LI King-Chuen as the Founding Dean of its School of Medicine, effective June 1, 2026.

HKUST announced the appointment of internationally renowned physician-scientist Prof. LI King-Chuen as the Founding Dean of its School of Medicine. Prof. Nancy IP, President of HKUST (second left); Ms. Edith SHIH, Vice-Chairperson of the University Council and Chair of the Search Committee (second right); Prof. Li King-Chuen (center); Prof. Hong-Kam LO, Dean of Engineering (first right); and Prof. Yung-Hou WONG, Dean of Science (first left) met with the media.

Following a rigorous global search, Prof. Li was selected for his exceptional track record in academic leadership, medical education, and biomedical innovation, as well as his unique experience in founding a new medical school.

Prof. Li previously served as Founding Dean of the Carle Illinois College of Medicine at the University of Illinois Urbana-Champaign (UIUC) from 2016 to 2021—one of the world’s pioneering engineering-based medical schools. During his tenure, he played a pivotal role in developing a technology-oriented curriculum, recruiting founding faculty, and building academic-clinical partnerships. Under his leadership, the College’s early graduating cohorts achieved a 100% pass rate in licensing examinations, reflecting the outstanding quality and rigorous standards of the programme.

An internationally distinguished physician-scientist and biomedical innovator, Prof. Li currently holds the titles of Dean Emeritus and Professor Emeritus at the Carle Illinois College of Medicine, as well as Adjunct Professor of Radiology at Stanford University School of Medicine. His career spans leading institutions including Stanford University, the U.S. National Institutes of Health, Weill Cornell Medical College, Wake Forest School of Medicine, and UIUC. He holds a Doctor of Medicine (with Honours) from the University of Toronto and an MBA from San José State University.

Prof. Li’s appointment comes at a pivotal moment as HKUST advances its plans to establish a new School of Medicine. The School will offer a four-year graduate-entry MBBS programme, with its inaugural cohort expected to commence in the 2028/29 academic year.

His experience aligns closely with HKUST’s vision to develop a future-ready medical school that integrates clinical excellence with engineering, data science, and emerging technologies. His proven approach to training physician-innovators—combining strong clinical foundations with interdisciplinary expertise—will provide a robust foundation for the School’s development, while being adapted to HKUST’s unique strengths in science and technology.

Known for his commitment to interdisciplinary collaboration, Prof. Li has consistently bridged fields such as radiology, bioengineering, computer science, and nanotechnology—an approach that will be instrumental in shaping HKUST’s innovative model of medical education.

Beyond medical education, Prof. Li is a highly accomplished innovator. He is a Fellow of the US National Academy of Inventors and has received the Gold Medal of the Association of University Radiologists. He is also a Fellow of several leading professional bodies, including the American College of Radiology, the American Institute for Medical and Biological Engineering, and the International Society for Magnetic Resonance in Medicine. He holds 20 issued patents across the United States, Australia, and Europe, and has founded a company based on his translational research.

Prof. Harry SHUM, Chairman of HKUST Council, said, “I would like to extend my warmest welcome to Prof. Li on his appointment as our Founding Dean of the School of Medicine. His proven expertise and experience are invaluable to the University as we plan to develop a distinctive model of medical education for the future. We have full confidence in his exceptional leadership in spearheading our medical school, which is one of the most significant undertakings in HKUST’s 35‑year history. The Council is committed to giving its support to ensure the success of the School.”

Prof. Nancy IP, President of HKUST, said, “Prof. Li brings a rare combination of founding dean experience, academic excellence, and a forward-looking vision for technology-driven medical education. His leadership will be central to building a medical school that is globally competitive, locally relevant, and impactful for Hong Kong and the wider region. We warmly welcome Prof. Li to the University and look forward to his leadership in the establishment of the HKUST School of Medicine, as well as in shaping a new generation of medical professionals and advancing innovation in healthcare. I also extend our sincere appreciation to the Search Committee, chaired by Ms. Edith SHIH (Vice-Chairperson of the Council), and its members including Prof. FOK Tai-Fai and Prof. Raymond LIANG for their dedication and diligence in completing this important international recruitment process.”

Prof. King Li, Founding Dean of the School of Medicine, said,”I am deeply honoured to be appointed as the Founding Dean of HKUST’s new School of Medicine. Returning to Hong Kong—where my roots are—to take on this role at HKUST and having the chance to give back through the place I grew up, is deeply meaningful to me. HKUST has a remarkable track record of turning bold visions into reality, and I am excited to build a medical school that reimagines physician training through the integration of engineering, data science, and biomedical innovation. Drawing on my experience and working closely with our partners in Hong Kong and the Greater Bay Area, I look forward to nurturing a new generation of physician-innovators who will transform healthcare for the benefit of patients and society.”

Born and raised in Hong Kong, Prof. Li brings with him a strong personal commitment to advancing Hong Kong as an international hub for medical education and innovation. He has long-standing ties with the local academic and medical communities.

The University community is expected to provide its full support to Prof. Li as he expands partnerships with teaching hospitals, the government, industry, and the global medical community, and further strengthens connections with the Greater Bay Area and other regions.
Hashtag: #HKUST

The issuer is solely responsible for the content of this announcement.

About The Hong Kong University of Science and Technology

The Hong Kong University of Science and Technology (HKUST) () is a world-class university known for its innovative education, research excellence, and impactful knowledge transfer. With a holistic and interdisciplinary pedagogy approach, HKUST was ranked 6th in the QS Asia University Rankings 2026, 3rd in the Times Higher Education’s Young University Rankings 2024, and 19th globally and 1st in Hong Kong in the Times Higher Education’s Impact Rankings 2025. Eleven HKUST subjects were ranked among the world’s top 50 in the QS World University Rankings by Subject 2026. In addition, in the Times Higher Education World University Rankings by Subject 2026, HKUST’s Computer Science discipline which encompasses areas such as artificial intelligence and machine learning, has been ranked No. 1 in Hong Kong for ten consecutive years. Our graduates are highly competitive, consistently ranking among the world’s top 30 most sought-after employees. In terms of research and entrepreneurship, over 80% of our work was rated “internationally excellent” or “world leading” in the Research Assessment Exercise 2020 of the Hong Kong’s University Grants Committee. As of May 2026, HKUST members have founded over 1,900 active start-ups, including 11 Unicorns and 22 exits (IPO or M&A).

Continue Reading

Trending