Hong Kong’s finance chief Paul Chan reluctant to review tax regime as society already facing tough times because of geopolitics

“It’s still premature to implement this in a short period of time … In the face of the challenges, I don’t want our attention to be focused on that.”

Addressing an audience of about 200 guests, Chan said his immediate focus was on restoring confidence both at home and among investors to boost sentiment.

“No city in this world will replace Hong Kong,” he said, as he sought to galvanise the audience.

As it happened: Hong Kong budget – all property curbs scrapped to boost market

“Over pessimism is not necessary … We will improve our fundamentals to get ourselves ready when the tide comes. We will be able to thrive.”

Chan earlier called for a vote of confidence from investors and Hongkongers as he rolled out a raft of measures in his budget address to drive high-quality growth and bolster confidence in the city amid weakened sentiment.