Deloitte: Hong Kong budget allocates 150 billion Hong Kong dollars for financial support, accelerating the transformation of the Northern Metropolis Development Plan from a planning blueprint to substantive construction.

Today, Hong Kong announced a new "Budget" budget. Jiang Weixuan, partner of Deloitte China's strategic and economic consulting services, said the new "Budget" budget follows an "industrial-oriented" development model for the Northern Metropolis Area, covering three major aspects: system, funding, and industry, to accelerate the transformation of the Northern Metropolis from a planning blueprint to actual construction. In terms of institutional innovation, the Hong Kong government will submit a draft ordinance to the Legislative Council specifically for the Northern Metropolis within the year, and establish two dedicated companies focusing on the new Tiantech City and Hung Shui Kiu Industrial Park to accelerate development. In terms of funding arrangements, the Hong Kong government will allocate 150 billion Hong Kong dollars to support the Northern Metropolis and related infrastructure, providing strong financial support. An additional request for a capital injection of 10 billion Hong Kong dollars will be made to the Legislative Council for the industrial park company to accelerate the development of the remaining plots in the first phase, and a venture capital fund will be established to support start-ups.