Financial results for 11 months ended February 28, 2025
The Government announced today (March 31) its financial results for the 11 months ended February 28, 2025.
Expenditure and revenue from April 2024 to February 2025 amounted to HK$670.3 billion and HK$475.7 billion respectively, resulting in a deficit of HK$92.3 billion after taking into account HK$124.3 billion received from issuance of Government Bonds and repayment of HK$22 billion principal on Government Bonds.
The fiscal reserves stood at HK$642.3 billion as at February 28, 2025.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended
February 28, 2025
HK$ million
11 months ended
February 28, 2025
HK$ million
Revenue
34,681.8
475,731.0
Expenditure
(73,142.6)
(670,328.6)
Deficit before issuance
and repayment of
Government Bonds
(38,460.8)
(194,597.6)
Proceeds received from
issuance of
Government Bonds
6,125.4
124,269.5
Repayment of
Government Bonds*
(46.4)
(21,953.7)
Deficit after issuance
and repayment of
Government Bonds
(32,381.8)
(92,281.8)
Financing
Domestic
Banking Sector (Note 2)
32,004.1
89,515.2
Non-Banking Sector
377.7
2,766.6
External
-
-
Total
32,381.8
92,281.8
* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.
Government Debts as at February 28, 2025 (Note 3)
HK$291,839 million
Debts Guaranteed by Government as at February 28, 2025 (Note 4)
HK$128,207 million
TABLE 2. FISCAL RESERVES
Month ended
February 28, 2025
HK$ million
11 months ended
February 28, 2025
HK$ million
Fiscal Reserves at start of period
674,685.4
734,585.4
Consolidated Deficit after
issuance and repayment of
Government Bonds
(32,381.8)
(92,281.8)
Fiscal Reserves at end of period
(Note 5)
642,303.6
642,303.6
Notes:
1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at February 28, 2025, was HK$226,359 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:
(i) the Green Bonds (equivalent to HK$192,627 million as at February 28, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026);
(ii) the Infrastructure Bonds (equivalent to HK$44,381 million as at February 28, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB10,000 million with maturity from December 2025 to November 2034) and Hong Kong dollars (HK$33,730 million with maturity from November 2025 to December 2039); and
(iii) the Silver Bonds with nominal value of HK$54,831 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
They do not include the outstanding bonds with nominal value of HK$176,454 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,777 million as at February 28, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,454 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$75,148 million will mature within the period from March 2025 to February 2026 and the rest within the period from March 2026 to May 2042.
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.
5. Includes HK$249,768 million, being the balance of the Land Fund held in the name of "Future Fund", for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
Special traffic arrangements for triathlon on Hong Kong Island
Police will implement special traffic arrangements in Central and Wan Chai from this Friday to Sunday (April 4 to 6) to facilitate the holding of a triathlon event.
A. Road closure
The following roads will be closed:
(1) From 10am on April 4 to 6pm on April 6:
Expo Drive between Legislative Council Road and Expo Drive Central.
(2) From 1am to 2pm on April 5 and from 1am to 6pm on April 6:
- Yiu Sing Street;
- Eastbound Lung Wo Road between Man Yiu Street and Fleming Road, including the slip road of eastbound Central – Wan Chai Bypass tunnel from Wan Chai to North Point;
- Westbound Lung Wo Road between southbound Lung Tat Path and southbound Tim Wa Avenue;
- Northbound Lung Tat Path;
- Lung Hop Street;
- Legislative Council Road between Legislative Council Complex Car Park exit and Lung Wo Road;
- Part of the traffic lanes of the slip road of westbound Central - Wan Chai Bypass Tunnel heading to Central District;
- Part of the traffic lanes of eastbound Man Po Street near Man Yiu Street;
- Part of the traffic lanes of eastbound Man Po Street near Finance Street;
- Part of the traffic lanes of southbound Man Yiu Street between Man Kwong Street and westbound Yiu Sing Street;
- Part of the traffic lane of southbound Man Yiu Street near Lung Wo Road;
- Part of the traffic lanes of westbound Lung Wo Road between Tim Wa Avenue and Man Yiu Street;
- Part of the traffic lanes of northbound Fleming Road between westbound Convention Avenue and eastbound Lung Wo Road;
- Part of the traffic lanes of westbound Hung Hing Road near Fleming Road;
- The slip road of westbound Central - Wan Chai Bypass Tunnel leading to the exit of Lung Wo Road; and
- Part of the traffic lanes of westbound Convention Avenue near northbound Fleming Road.
B. Traffic diversions
In connection with the road closure as mentioned above, the following traffic diversions will be implemented:
(1) From 10am on April 4 to 0.59am on April 5 and 2.01pm on April 5 to 0.59am on April 6:
Traffic along eastbound Expo Drive heading to Hong Kong Convention and Exhibition Centre will be diverted via eastbound Lung Wo Road and northbound Expo Drive East.
(2) From 1am to 2pm on April 5 and from 1am to 6pm on April 6:
- Traffic along westbound Man Kwong Street heading to eastbound Lung Wo Road via southbound Man Yiu Street will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road;
- Traffic along eastbound Man Po Street heading to Admiralty or Mid-levels via eastbound Lung Wo Road will be diverted via the slip road of eastbound Man Po Street heading to westbound Finance Street, westbound Finance Street, temporary exit connecting Finance Street and Central - Wan Chai Bypass Tunnel, the slip road of westbound Central - Wan Chai Bypass Tunnel heading to eastbound Man Kat Street, eastbound Man Kat Street, eastbound Connaught Road Central and eastbound Harcourt Road;
- Traffic along eastbound Man Po Street heading to eastbound Lung Wo Road via eastbound Yiu Sing Street will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road;
- Traffic along eastbound Man Po Street heading to eastbound Lung Wo Road will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road;
- Traffic along southbound Man Yiu Street cannot turn left to eastbound Lung Wo Road and eastbound Yiu Sing Street. Vehicles will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road;
- Traffic along eastbound Man Cheung Street heading to eastbound Lung Wo Road will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road;
- Traffic along westbound Lung Wo Road cannot turn right to northbound Yiu Sing Street. Vehicles will be diverted via westbound Lung Wo Road and northbound Man Yiu Street;
- Traffic along eastbound Yiu Sing Street and southbound Yiu Sing Street heading to eastbound Lung Wo Road will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road;
- Traffic along northbound Legislative Council Road cannot turn left to westbound Lung Wo Road, vehicles will be diverted via southbound Legislative Council Road, eastbound Lung Wui Road, eastbound Fenwick Pier Street, roundabout, westbound Fenwick Pier Street, flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place;
- Traffic along westbound Lung Wo Road heading to Chief Executive’s Office via southbound Tim Wa Avenue will be diverted via southbound Lung Tat Path, Convention Avenue, westbound Fenwick Pier Street, flyover, westbound Harcourt Road, westbound Connaught Road Central, u-turn, eastbound Connaught Road Central and northbound Tim Wa Avenue;
- Traffic along eastbound Lung Wui Road cannot turn left to northbound Lung Hop Street;
- Traffic along westbound Fenwick Pier Street cannot turn right to northbound Lung Hop Street. Vehicles will be diverted
via Fenwick Pier Street, flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place;
- Traffic along westbound Convention Avenue heading to westbound Lung Wo Road via northbound Lung Tat Path will be diverted via Convention Avenue, Fenwick Pier Street roundabout, westbound Fenwick Pier Street, flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place;
- Traffic along southbound Expo Drive East heading to westbound Lung Wo Road will be diverted via southbound Lung Tat Path, Convention Avenue, Fenwick Pier Street roundabout, westbound Fenwick Pier Street, flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place;
- Traffic along westbound Hung Hing Road heading to westbound Lung Wo Road will be diverted to southbound Lung Tat Path, Convention Avenue, Fenwick Pier Street roundabout, westbound Fenwick Pier Street, flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place; and
- Traffic along westbound Lung Wo Road heading to Central Pier or Finance Street via Yiu Sing Street will be diverted via westbound Lung Wo Road and northbound Man Yiu Street.
C. Suspension of parking spaces and pick-up/drop-off areas
All parking spaces and pick-up/drop-off areas on the following roads will be suspended:
(1) From 10am on April 4 to 6pm on April 6:
All metered parking spaces and pick-up/drop-off areas on Expo Drive.
(2) From 10pm on April 4 to 2pm on April 5 and from 10pm on April 5 to 6pm on April 6:
- All metered parking spaces on Yiu Sing Street and Lung Hop Street;
- Lay-bys on westbound Lung Wo Road near City Hall and near Central Barracks; and
- Lay-by on Edinburgh Place near City Hall.
All vehicles parked illegally during the implementation of the above special traffic arrangements will be towed away without prior warning, and may be subject to multiple ticketing.
The Police will implement the special arrangements depending on the prevailing traffic and crowd conditions. Motorists should exercise patience, and take heed of instructions of the Police on site.
