The Secretary for Financial Services and the Treasury, Christopher Hui, said on Sunday that the user pays principle is among the factors at play when officials consider ways to widen the tax base.

Amid a multi-year budget deficit, Financial Secretary Paul Chan said on Saturday that officials were considering having high-income earners pay more tax, in line with the principle of having people pay more if they can afford to.

Hui stressed after attending a Commercial Radio programme that officials are considering ways to find new sources of revenue and cut expenses at the same time.

"On the one hand, we'll consider how these measures affect the people. And we'll also look at adopting the principle of user pays, such that we can achieve a stable fiscal management in a sustainable manner," the minister said.

During the show, Hui noted that Hong Kong is capable of embracing the world as shown in the government's drive to expand into new markets.

For example, he said Indonesia and other countries have said they plan to issue bonds in the SAR, while some firms had expressed interest in setting up family offices.

Hui said Hong Kong's status as the country's international financial centre will become more prominent going forward, thanks to an increase in cross-border trading of financial products.

The minister added that as mainland firms become more competitive globally, the SAR can help them expand overseas by providing them with professional services and serving as a fund-raising platform.