HONG KONG, Jan. 10 (Xinhua) -- Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said on Sunday that the HKSAR government is consulting the public on its new budget and will still adopt a countercyclical fiscal policy.

Chan said in his blog that the new budget will be released on Feb. 24 and the consultation was launched in early December last year.

Chan said Hong Kong is in the midst of an economic downturn, and the new budget will continue to adopt a countercyclical fiscal policy. By maintaining or even increasing public expenditure, especially on investment, the HKSAR government hoped to mitigate the impact of the economic downturn on the people's livelihood and make preparations for the post-epidemic recovery of the economy.

Chan said some suggestions from the public involved major issues, such as dealing with the disparity between the rich and the poor through large-scale tax reform. The HKSAR government has been closely monitoring and will continue to conduct research in these areas.

Chan said that in the coming month, he will continue to collect opinions from all walks of life on the budget through different channels. While mitigating the immediate needs of the community, he will ensure the stability of Hong Kong's public finance and financial system and to promote economic growth.