“It has a well-balanced range of proposals that provide timely relief for individuals and businesses during these challenging economic times,” Lee said.

“I also welcome the Budget's stimulus initiatives targeting major economic sectors that will spur our revival, expand our capacity for growth and set a positive course for Hong Kong's sustained growth.

“I am confident that this will help to restore and consolidate our position as a world-leading destination for investment, enterprises, talent and tourism.”

Chief secretary Eric Chan Kwok-ki said he also welcomes the measures proposed by the finance chief following the government's result-oriented approach with the goal to tackle livelihood issues and to develop the economy.

“I fully support this year's Budget. I hope the Legislative Council can scrutinize and approve the appropriation bill as soon as possible, so that the various measures can be implemented in a timely manner to chart a brighter future for Hong Kong,” said Eric Chan.

He added Hong Kong has now entered a stage of returning to full normalcy and expected the SAR's economy to be better this year.

“At the same time, we are faced with challenges, including quite a sizable deficit as a result of anti-epidemic work over the past three years, and the uncertainties in the external economic environment.”

“While opportunities and challenges both lie ahead, ensuring opportunities outnumber challenges is the key in this year's Budget,” Eric Chan said.