Financial Secretary Paul Chan said on Wednesday that "more strenuous efforts" were needed to stimulate the economy as he delivered the budget speech to the Legislative Council.

Chan said a number of factors, including geopolitical uncertainties and high interest rates, changes in consumption patterns and preferences of inbound visitors, and competition from other economies, had weighed on economic confidence.

However, the finance chief said he had "absolute confidence" in Hong Kong's ability to adapt to these changes.

"Amid a complicated and ever-changing international environment, and with our economy and society constantly evolving, more strenuous efforts are required to strengthen momentum of our economic recovery," he said.

"While the uneven pace of recovery across industries merits our attention, there are also certain constraints that need to be unravelled in a gradual manner," he said.

The theme of this budget is "Advance with Confidence. Seize Opportunities. Strive for High‑quality Development."