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Current Affairs

Hong Kong seeks to raise bond issuance ceiling to HK$900 billion

A proposed increase in the Hong Kong government’s borrowing cap for its bond programmes to HK$900 billion (US$115 billion) will be sufficient to finance infrastructure…

By Samantha Johnson / April 9, 2026

A proposed increase in the Hong Kong government’s borrowing cap for its bond programmes to HK$900 billion (US$115 billion) will be sufficient to finance infrastructure projects over the next three years, officials have said, while leaving the door open to further rises in the long run if needed.

Andrew Lai Chi-wah, permanent secretary for financial services and the treasury, made the remarks on Thursday during a Legislative Council subcommittee meeting scrutinising the plan to lift the government’s bond issuance ceiling.

Financial Secretary Paul Chan Mo-po proposed raising the borrowing ceilings of the Government Sustainable Bond Programme and the Infrastructure Bond Programme from HK$700 billion to HK$900 billion in his annual budget in February, citing the need to fund infrastructure development, including the Northern Metropolis megaproject.

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Lai said the new limit would be adequate to support short- to medium-term initiatives after lawmaker Robert Lee Wai-Wang expressed concerns over whether the government would further raise the ceiling.

“Over the next two to three years, unless there are significant and unforeseen events, [the borrowing cap] is sufficient to meet our needs,” Lai said.

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However, he did not rule out further increasing the cap to accommodate new projects emerging in the Northern Metropolis and the need to expedite its development.

Lai noted that even after the increase, Hong Kong’s debt-to-gross domestic product level would stand at 19.9 per cent, which he described as healthy and lower than that of other developed economies.

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