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KPMG: Government reserves remain robust, advocates for expanded asset management and innovation industries to boost economic growth
Resilient response to challenges, highlighting AI and Northern Metropolis
HONG KONG SAR – Media OutReach Newswire – 28 February 2025 – KPMG welcomes the Hong Kong Government’s Budget, recognising it as a well-considered strategy that balances the needs of society with economic development goals. The Budget focuses on key areas such as Artificial Intelligence (AI), infrastructure investment, and innovative industries, creating new opportunities for high-quality economic growth in Hong Kong while further strengthening its international competitiveness.
The Hong Kong SAR Government has revised its 2024/25 Budget, projecting a consolidated deficit of HKD 87.2 billion. By the end of March 2025, Hong Kong’s fiscal reserves are expected to reach HKD 647.3 billion, closely aligning with KPMG’s estimates of HKD 89.7 billion deficit and HKD 645 billion in reserves, indicating that fiscal reserves remain relatively robust. The projected GDP growth rate for 2025/26 has been adjusted to between 2% and 3%, down from the previous year’s forecast of 3.2%. KPMG attributes this revision to ongoing geopolitical uncertainties and a slower-than-expected decline in interest rates. To address these challenges, KPMG recommends that the government allocate more resources to high-growth sectors such as asset management and innovation, aiming to stimulate economic growth in Hong Kong and deliver benefits to the general public.
John Timpany, Head of Tax in Hong Kong, KPMG China, says: “In the Budget, the HKSAR Government has clearly positioned AI as the core driver for cultivating new quality productive forces, and is promoting its development through a series of policy measures, fully demonstrating Hong Kong’s ambition as an international innovation and technology hub. We are pleased to see the Government leveraging the advantages of ‘One Country, Two Systems’ to actively establish Hong Kong as an international exchange hub for the AI industry, and strengthening the integration of scientific research and industrial applications through projects such as Cyberport’s AI Supercomputing Centre, Hong Kong Microelectronics Research and Development Institute, and the soon-to-be-established Hong Kong Artificial Intelligence Research and Development Institute. This not only creates opportunities for local technology companies but also injects new momentum into the transformation and upgrading of traditional industries, narrowing the gap with other leading jurisdictions.”
Stanley Ho, Tax Partner, KPMG China, says: “To ensure the strategic infrastructure projects stay on schedule, KPMG believes that raising capital by issuing government bonds at a moderate pace is a wise move. We support the government’s commitment to using bond proceeds exclusively for infrastructure investments, ensuring they are not directed towards recurring government expenditures. This disciplined approach, outlined in the new bond program, should keep the government debt-to-GDP ratio at a manageable level and protect Hong Kong’s credit rating. We encourage the government to proactively explore ways to make infrastructure projects more cost-effective. Embracing technological innovations and encouraging public-private partnerships are two promising avenues for expense optimisation.”
Alice Leung, Tax Partner, KPMG China, says: “We welcome the Financial Secretary’s proposal to expand the classes of investments permitted under the family office tax regime. To make Hong Kong even more attractive to family offices, it makes sense to include digital assets and art as eligible investments. These are already common asset classes for family offices, so adding them to the regime could encourage more family offices to set up in Hong Kong. This would be a win-win, creating jobs and boosting demand across a range of professional services. Additionally, it is encouraging to see the government actively pursuing tax treaties with 17 jurisdictions – this is a significant step in supporting Hong Kong taxpayers investing overseas. We also applaud the government’s initiative to attract more commodity trading activity to Hong Kong through a competitive 8.25% tax rate. These measures will inject vitality into the local market, enhance liquidity, and further solidify Hong Kong’s role as an international financial centre.”
Chi Sum Li, Head of Government & Public Sector in Hong Kong SAR, KPMG China, said: “We support the government’s prioritisation of investment in developing the Northern Metropolis. The focus on key industries such as innovation and technology, high-end professional services, modern logistics, tertiary education, cultural, sports, and tourism in the area demonstrates a commitment to a diversified development blueprint. Meanwhile, the accelerated progress of projects like Kwu Tung North / Fanling North, along with the implementation of transport infrastructure including the Northern Link and Hong Kong-Shenzhen Western Railway, will enhance connectivity in the region and lay a solid foundation for commercial and innovation technology development. We believe the development of the Northern Metropolis will inject new vitality into Hong Kong’s economy and create better living and career prospects for citizens.”
In terms of nurturing and attracting talent, KPMG welcomes the government’s proposal to enhance the “New Capital Investment Entrant Scheme”. It is encouraging to know the scheme has already received over 880 applications with an expected HKD 26 billion in investments. We suggest lowering the residential property price threshold from HKD50 million to HKD 30 million. This would open up the scheme to a broader range of talents looking to invest in Hong Kong real estate and we don’t anticipate this change having a major impact on housing affordability for the general public. Additionally, the government can consider shortening the current seven-year waiting period for permanent residency applicants, to make the scheme even more attractive.
Amid fiscal constraints, the government has taken measures to control expenditure growth. For 2026/27 and 2027/28, the Financial Secretary announced a 2% annual reduction in the civil service, with an estimated reduction of approximately 10,000 positions by April 1, 2027. Additionally, a salary freeze for all personnel across the executive, legislative, judicial branches, and district councils has been proposed for 2025/26. KPMG believes that job cuts and the salary freeze are signals to the public that the government is closely monitoring its spending, as taxpayers would expect during a period of fiscal deficits. This demonstrates the Hong Kong government’s commitment to prudent management of public finances.
In light of the fiscal deficit and the aging population, KPMG supports the government’s proposed optimisation of the “HKD 2 Public Transport Fare Concession Scheme.” The proposal maintains eligibility for individuals aged 60 and above but introduces a monthly cap of 240 trips. Additionally, for fares of HKD 10 or more, the subsidy will be adjusted to a 20% discount of the full fare. These measures aim to balance the travel needs of the elderly and the silver economy with smarter use of public funds. At the same time, this will enable the government to more accurately forecast related expenditures in the future.
Hashtag: #KPMG
The issuer is solely responsible for the content of this announcement.
About KPMG
KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.
KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 142 countries and territories with more than 275, 000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
Celebrating 80 years in Hong Kong
In 2025, KPMG marks “80 Years of Trust” in Hong Kong. Established in 1945, we were the first international accounting firm to set up operations in the city. Over the past eight decades, we’ve woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world’s leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: “80 Years of Trust”.
Media OutReach
China Mobile International Launched “AI+ Global Solutions” and “CMI AI LLM Integrated Server” at AI+ Era Global Development Forum
In his speech, Li Huidi stated that the deep integration of artificial intelligence and the new generation of information technology has led to the new “AI+” era across various sectors. “AI+” brings five “news”: First, it creates new scenarios for an intelligent lifestyle, where the increasingly popular AI devices, from autonomous driving to smart home assistants, are making smart living more accessible. Second, it unlocks new paths for technological inclusivity, the innovation of open-source LLMs significantly reduces the costs of AI training, enhances reasoning capabilities, and broadens application scenarios. Third, it leads to a new pace in technological development, with “AI for Science” emerging as a mainstream paradigm for technological innovation, greatly improving research efficiency and productivity. Fourth, it reshapes new paradigms for industry transformation, with AI LLMs integrating “general capabilities + specific knowledge” deeply into industry production processes, dramatically boosting productivity. Fifth, it constructs a new form of social governance, where clusters of intelligent agents create a new model of “human-machine co-governance” through intelligent decision-making, raising the standard of modernization in social governance.
Li Huidi reaffirmed China Mobile’s commitment to positioning itself as “a world-class information service technology innovation company”. The company is advancing the “AI+” action plan and systematically building “AI+” infrastructure, accelerating “AI+” technology development and deepening the scenario application of “AI+” to provide support for the global socio-economic digital transformation. Mr. Li also proposed four “AI+” initiatives: First, to foster the industry integration by enhancing synergy across the “AI+” industry through the establishment of a comprehensive international intelligent system and fostering advancement across all sectors. Second, to focus on cooperation within the “AI+” ecosystem by working together to promote the prosperity of the “AI+” ecosystem and making “AI+” services accessible to every industry. Third, to promote global expansion of “AI+” technologies by establishing “AI+” super-nodes to position the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) as the leading hub for global AI innovation. Fourth, to foster international collaboration on “AI and ensure global access to the benefits of digital intelligence.
During the forum, CMI announced the launch of the “AI+ Global Solutions” and the “CMI AI Large Language Model (LLM) Integrated Server”. In additional, CMI and various ecosystem partners initiated the “AI+ Go Global Ecosystem Alliance” to collaborate with leading industry experts and partners in exploring how AI can empower diverse industries during the digital transformation and reshape the future industry landscape.
CMI AI+ Global Solutions: Empowering Intelligent Transformation for Global Enterprises
Tailored to five major industries of technology, manufacturing, transportation and logistics, finance, and energy, the CMI AI+ Global Solutions framework is built on a five-layer product system that encompasses everything from fundamental connectivity to solutions to fully address all segments of digital transformation for enterprises. It integrates core capabilities, such as LLMs, IoT connectivity management, and multi-cloud management, to deliver standardized platform-based universal solutions. With this innovative approach, CMI is helping enterprises to achieve efficient and flexible intelligent transformation in the “AI+” era. It provides robust digital support for global expansion, equipping businesses with the tools necessary to compete successfully in the global market.
CMI AI LLM Integrated Server: New Benchmark for Cross-Border AI Infrastructure
The CMI AI LLM Integrated Server is an intelligent computing system designed for secure and private data processing within enterprises. With local deployment, it operates within company’s private environment, ensuring data security while optimizing computing efficiency and intelligent processing. The server leverages CMI’s strengths in resource integration, including computing power deployment, LLMs, and scenario-based industry applications, to seamlessly integrate hardware, software, and network, significantly reducing deployment and maintenance costs. The CMI AI LLM Integrated Server is debut in February, achieving a successful deployment in the Asia-Pacific financial services sector.
AI+ Go Global Ecosystem Alliance: Open and Collaborative AI Industry Ecosystem
During the Forum, CMI collaborated with various industry partners to launch the AI+ Go Global Ecosystem Alliance. It aims to create an open, cooperative, and mutually beneficial “AI+” ecosystem by integrating top industry resources. The alliance will work with partners to offer full-stack capabilities, encompassing AI computing power, models, and applications, and to explore diverse scenarios to expedite AI deployment across industries such as technology, manufacturing, transportation and logistics, finance, and energy.
Recognizing the power of ecosystem-driven innovation, CMI launched the iSolutions Partner Ecosystem Alliance in early 2024. Known as the iStar Program, it is designed to broadly expand the “AI+” service sector, promote resource sharing, and support Chinese enterprises in their global expansion. As “AI+” technology evolves, the iStar Program is being continuously upgraded. The establishment of the AI+ Go Global Ecosystem Alliance marks a significant milestone for the iStar Program, further consolidating industry resources, accelerating the overseas expansion of Chinese enterprises and their global presence.
In addition, CMI joined forces with industry experts in AI computing, LLMs, and robotics in a roundtable discussion that explored commercial AI applications, emerging challenges, and future transformation trends.
Looking ahead, CMI will remain dedicated to openness and collaboration, working alongside global partners to drive innovation and embrace opportunities and challenges in the “AI+” era. From the foundation of the three core initiatives announced – CMI AI+ Global Solutions, CMI AI LLM Integrated Server and AI+ Go Global Ecosystem Alliance – CMI is set to expedite AI technology deployment worldwide, empowering diverse industries and helping enterprises navigate the competitive global landscape.
Hashtag: #ChinaMobileInternational
The issuer is solely responsible for the content of this announcement.
About China Mobile International Limited
China Mobile International Limited (CMI) is a wholly owned subsidiary of China Mobile. In order to provide high quality services to meet the growing demand in the international market, China Mobile established CMI in December 2010, headquartered in Hong Kong, China. CMI has expanded its footprint to 39 countries and regions.
Leveraging strong support from China Mobile, CMI is a trusted partner that provides comprehensive international information services and solutions to enterprises, carriers, and mobile users. Please visit 
www.cmi.chinamobile.com for more information.
Taking the “Nanjing Cube” indoor athletics stadium as its core platform, Nanjing is leveraging international events to drive urban development. Equipped with cutting-edge technologies like Hawk-Eye systems and motion capture facilities, the stadium can host all 26 indoor track and field events. Data shows that Nanjing’s sports industry has reached a total scale of 131 billion yuan, with an added value of 41 billion yuan accounting for 2.3% of GDP. The city has gathered over 200 sports enterprises, including 87 in its sports technology park covering emerging sectors like smart wearables and sports rehabilitation. The integration of sports and cultural tourism receives over 1 million annual visitors.
Nanjing has established a “15-minute fitness circle” with 95% community sports park coverage and 3.2 square meters of sports space per capita – among the highest nationally. Innovating with a “One Festival Six Seasons” sports consumption model, the city distributed tens of millions of yuan in subsidies in 2024 to foster emerging sports like aviation sports and rowing. Through smart sports park initiatives and embedded pitch renovations, it hosts over 3,000 mass fitness events annually, creating an active mass fitness culture.
Building on Youth Olympic legacy, Nanjing Youth Olympic Sports Park has welcomed over 800,000 visitors and engaged 600 million online viewers. Collaborating with 12 international sports organizations through regular forums, the city is hosting nearly 600 elite athletes from 123 countries/regions in 2025 to promote athletics and enhance global reputation. Through event organization, venue operations, and brand building, Nanjing is transforming from “event host” to “sports innovation hub.”
Transitioning from historical capital to modern sports metropolis, Nanjing integrates cultural heritage with urban development through sports. By staging international competitions, promoting mass fitness, and upgrading sports industries, it continues to strengthen its “Innovative City, Beautiful Ancient Capital” brand, providing a model for high-quality urban sports development in the new era.
Hashtag: #worldathleticsindoochampionship
The issuer is solely responsible for the content of this announcement.
Media OutReach
Additional $320 Seats Released for Galaxy Macau™ Presents: ANDREA BOCELLI Live in Concert
The“Voice of God”Set to Grace the Galaxy Arena
MACAU SAR – Media OutReach Newswire – 20 March 2025 – Galaxy Macau™ proudly presents the inaugural solo concert of Andrea Bocelli in Macau. The globally celebrated “Voice of God” will take the stage at the Galaxy Arena, Macau’s largest indoor venue, on March 29 at 8 PM. This highly anticipated event has sparked a rush for tickets since their release, and today, the organizer was excited to offer a limited number of seats priced at MOP 320. Tickets are available through Galaxy Ticketing, Damai, Maoyan, uutix, Trip.com, Ctrip, MPay, and Macau Ticket, providing fans with a final opportunity to experience the brilliance of the “Voice of God.”
As the first tenor to perform at Galaxy Arena, Andrea Bocelli returns to Asia after a nine-year hiatus, marking a truly “once-in-a-lifetime” moment for fans. With over 90 million albums sold worldwide, this legendary tenor will showcase his unique voice and emotional interpretations of timeless classics. Adding to the magic, his son Matteo Bocelli will join him on stage for a special duet, promising to ignite an artistic spark in this premier venue, which accommodates 16,000 guests.
Galaxy Arena, the top performance venue in the Greater Bay Area, is perfectly suited to Andrea Bocelli’s extraordinary voice, featuring state-of-the-art sound equipment. The venue’s unobstructed design will capture every subtle nuance of the tenor’s performance, from soft whispers to powerful high notes, creating a truly immersive audio-visual experience for the audience. This transcendent musical event will celebrate the eternal beauty of Macau as a “World Center of Tourism and Leisure.”
Galaxy Macau™ Presents: ANDREA BOCELLI Live in Concert
| Date: | March 29, 2025 |
| Time: | 20:00 |
| Venue: | Galaxy Arena |
| Organizer: | NGE ARTS & CULTURE COMPANY LIMITED |
Hashtag: #GalaxyMacau
The issuer is solely responsible for the content of this announcement.
ABOUT GALAXY MACAU INTEGRATED RESORT
Galaxy Macau™, The World-class Luxury Integrated Resort delivers the “Most Spectacular Entertainment and Leisure Destination in the World”. Developed at an investment of HK$43 billion, the property covers 1.1 million-square-meter of unique entertainment and leisure attractions that are unlike anything else in Macau. Eight award-winning world-class luxury hotels provide close to 5,000 rooms, suites and villas. They include Banyan Tree Macau, Galaxy Hotel™, Hotel Okura Macau, JW Marriott Hotel Macau, The Ritz-Carlton, Macau, Broadway Hotel, Raffles at Galaxy Macau, Andaz Macau. Unique to Galaxy Macau, the 75,000-square-meter Grand Resort Deck features the world’s longest Skytop Adventure Rapids at 575-meters, the largest Skytop Wave Pool with waves up to 1.5-meters high and 150-meters pristine white sand beach. Two five-star spas from Banyan Tree Spa Macau and The Ritz- Carlton Spa, Macau help guests relax and rejuvenate.
As the dining destination in Asia, Galaxy Macau offers a wide variety of gastronomic delights, exquisite experiences and ingredients of the finest quality with over 120 dining options from Michelin dining to authentic delicacies.
Embark on a delightful and rewarding journey at Galaxy Promenade, the one-stop shopping destination boasting some of the world’s most iconic luxury brands. Be the first to get the latest limited-edition items; explore fascinating pop-ups by coveted labels and revel in fabulous shopping rewards and privileges. Our VIPs are entitled to a highly-curated experience with dedicated personal shoppers at guests’ service, and be invited to exclusive luxury brand events. A different caliber of privileges and rewards also await. Discover the joys of fashion and stand at the forefront of style and sophistication—Galaxy Promenade has everything guests need to stay ahead of the style game.
Galaxy Cinemas takes immersive movie experiences to the next level with the latest audio-visual technology, ultra-luxurious facilities and bespoke services; CHINA ROUGE, one-of-a-kind deluxe lounge that evokes the glitz and glamor of Shanghai’s golden era with entertainment in luxury and style; and Foot Hub presents the traditional art of reflexology to make you feel more relaxed and revitalized. For Authentic Macau Flavors & Vibrant Asian Experiences, Broadway Macau – just a 90-second walk via a bridge from Galaxy Macau, has over 35 Authentic Macau & Asian Flavors at its Broadway Food Street. The 2,500-seat Broadway Theatre plays host to world-class entertainers and a diverse array of cultural events.
Meeting, incentive and banquet groups are also well looked after with a portfolio of unique venues in Galaxy Macau and a professional service staff. Galaxy International Convention Center (GICC) is the latest addition to the Group’s ever-expanding integrated resort precinct and will usher in a new era for the MICE industry in Macau. GICC is a world- class event venue featuring 40,000-square-meter of total flexible MICE, and a 16,000-seat Galaxy Arena – the largest indoor arena in Macau.
For more details, please visit www.galaxymacau.com,
www.broadwaymacau.com.mo and www.galaxyicc.com.
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