Hong Kong Financial Secretary Paul Chan Mo-po announced the new Budget, noting that the global political and economic environment is complex and volatile. The United States launched a tariff war early last year, causing global trade frictions to escalate sharply. As the United States reached preliminary trade agreements with several economies and reached a consensus with China on key economic and trade issues, trade tensions have eased somewhat, allowing the global economy to continue expanding. Paul Chan also noted that the stock market has performed brilliantly, with the Hang Seng Index rising 28% for the year and average daily trading volume increasing by 90% to nearly HK$250 billion, setting a new record high. Funds raised through initial public offerings (IPOs) more than tripled compared to 2024, reaching over 280 billion yuan, ranking first globally. (Hong Kong Economic Journal)