Government's financial results for nine months ended December 31, 2025
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Expenditure and revenue from April to December 2025 amounted to HK$559.8 billion and HK$494 billion respectively, resulting in a surplus of HK$43.9 billion after taking into account HK$139.9 billion received from issuance of Government Bonds and repayment of HK$30.2 billion principal on Government Bonds. The fiscal reserves stood at HK$698.2 billion as at December 31, 2025.
A Government spokesperson said that the surplus of HK$43.9 billion recorded for the period ended December 2025, representing an improvement over the deficit for the period ended November 2025, was mainly due to the fact that some major types of revenue including salaries and profits taxes are mostly received in December and January. Based on past revenue collection pattern, the revenue is expected to taper off after January, and that expenditure will significantly exceed revenue from February to March. The revised estimates for the current financial year will be published along with the 2026-27 Budget.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| Month ended December 31, 2025 HK$ million |
Nine months ended December 31, 2025 HK$ million |
|
| Revenue | 122,060.5 | 493,947.8 |
| Expenditure | (63,214.9) | (559,825.3) |
| Surplus/(Deficit) before issuance and repayment of Government Bonds | 58,845.6 | (65,877.5) |
| Proceeds received from issuance of Government Bonds | 4,748.2 | 139,918.0 |
| Repayment of Government Bonds* | (1,735.4) | (30,200.9) |
| Surplus after issuance and repayment of Government Bonds | 61,858.4 | 43,839.6 |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | (61,982.5) | (47,301.7) |
| Non-Banking Sector | 124.1 | 3,462.1 |
| External | - | - |
| Total | (61,858.4) | (43,839.6) |
| * Being repayment of principal on Government Bonds and does not include the associated interest and other expenses. | ||
Government Debts as at December 31, 2025 (Note 3)
HK$414,610 million
Debts Guaranteed by Government as at December 31, 2025 (Note 4)
HK$114,178 million
TABLE 2. FISCAL RESERVES
| |
Month ended December 31, 2025 HK$ million |
Nine months ended December 31, 2025 HK$ million |
| Fiscal Reserves at start of period | 636,298.0 | 654,316.8 |
| Consolidated Surplus after issuance and repayment of Government Bonds | 61,858.4 | 43,839.6 |
| Fiscal Reserves at end of period (Note 5) | 698,156.4 | 698,156.4 |
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 December 31, 2025, was HK$178,958 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$204,177 million as at December 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$11,250 million with maturity from January 2026 to January 2053), euros (5,880 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,500 million with maturity from February 2026 to July 2054) and Hong Kong dollars (HK$24,500 million with maturity from February 2026 to November 2027);
(ii) the Infrastructure Bonds (equivalent to HK$101,171 million as at December 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB35,000 million with maturity from March 2026 to June 2055) and Hong Kong dollars (HK$62,230 million with maturity from February 2026 to June 2055); and
(iii) the Silver Bonds with nominal value of HK$109,262 million (with maturity in October 2027 and October 2028 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$124,144 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,782 million as at December 31, 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$53,644 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$23,400 million were repaid upon maturity on January 21, 2026; bonds with nominal value of HK$53,644 million will mature within the period from February 2026 to December 2026, and the rest within the period from January 2027 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, 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, and the commercial loan under Guaranteed Medium Term Note Programme of the Hong Kong Cyberport Management Company Limited.
5. Includes HK$249,817 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.
Ends/Friday, January 30, 2026
Issued at HKT 16:30
Issued at HKT 16:30
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