Paul Chan Mo-po

Chan is the eldest of a family of four, grew up in a resettlement estate that his family lived in until a fire destroyed Shek Kip Mei in 1953. Chan was admitted to the Chinese University of Hong Kong, where he graduated with an accounting degree. At one time, he worked by day in the Inland Revenue and by night as a lecturer. He later set up his own accounting firm.Chen, Bonnie (18 June 2012). "[http://www.thestandard.com.hk/news_print.asp?art_id=123498&sid=36754605 Balance sheet boss] {{webarchive|url=https://archive.today/20130108020607/http://www.thestandard.com.hk/news_print.asp?art_id=123498&sid=36754605 |date=8 January 2013 }}". The Standard (Hong Kong)

He is an accountant who holds BBA and MBA degrees from the Chinese University of Hong Kong and has also studied at the Harvard Business School. As the former president of the Hong Kong Institute of Certified Public Accountants (HKICPA), he stood for the accountancy Functional constituency and was elected to the Legislative Council of Hong Kong in 2008. He is an Adjunct Associate Professor at the Chinese University of Hong Kong.

He was appointed the Secretary for Development and inducted into the CY Leung administration on 30 July 2012 to replace Mak Chai-kwong, who resigned earlier that month over a housing allowance fraud scandal. He resigned from the Legislative Council on the same day.

He is married to Frieda Hui, and the couple have a son and a daughter.

As Development Secretary, Paul Chan is responsible for the Buildings Department, whose mission includes dealing with illegal structures. Chan soon became embroiled in a scandal when his wife, Frieda Hui, through a company of which he was a former director, was found to own several properties that had been illegally subdivided.{{cite web|url=https://www.bloomberg.com/news/articles/2012-08-06/hong-kong-development-head-chan-knew-unit-was-partitioned|title=Hong Kong Minister's Property Interests Draw Controversy|author=Simon Lee|publisher=Bloomberg L.P.}}[http://www.scmp.com/article/1014271/tycoon-backs-paul-chan-flats-row Tycoon backs Paul Chan in flats row], South China Morning Post, 8 August 2012Luk, Eddie (23 August 2012). [http://www.thestandard.com.hk/news_detail.asp?pp_cat=11&art_id=125713&sid=37438574&con_type=1&d_str=20120823&isSearch=1&sear_year=2012 "Minister breaks silence in defense of flats-row wife"] {{webarchive|url=https://web.archive.org/web/20150130202407/http://www.thestandard.com.hk/news_detail.asp?pp_cat=11&art_id=125713&sid=37438574&con_type=1&d_str=20120823&isSearch=1&sear_year=2012 |date=30 January 2015 }}. The Standard. Chan denied any knowledge of the subdivided properties and said that in any event he ceased to be a director of the company holding the properties in 1997. After having been served rectification notices by the Building Department, Chan was quoted as saying that tenants partitioned the properties in breach of their leases.

Ming Pao subsequently revealed that, between 1994 and 1996, Harvest Charm Development acquired a total of 10 old flats in Tai Kok Tsui and Jordan while both Chan and his wife Freida were directors. Five of these properties were shown to have been subdivided. When confronted with the facts, Chan said his initial denial meant he had "no knowledge of the current status [at those properties]"{{cite web|url=http://edu.sina.com.hk/news/42/4/1/118582/1.html|title=Editorial|publisher=Sina Corp|url-status=dead|archive-url=https://web.archive.org/web/20150205074736/http://edu.sina.com.hk/news/42/4/1/118582/1.html|archive-date=5 February 2015|df=dmy-all}}

His initial silence, and then self-contradictory public statements on the matter that were widely seen as deceptive, led to calls for his resignation. Ming Pao said that Chan must restore public confidence in him by "coming up with some convincing evidence that he has no intention to deceive the public". The convenor of the Executive Council also questioned Chan's credibility and the impact of the unfolding scandal on the credibility of the government. Chan gave a pledge that he and his wife would not make further investments in the property market, and would divest their shares in Harvest Charm Development, the company at the centre of the controversy.

In July 2013, Chan was once again the subject of controversy when Apple Daily revealed that he or his family had an interest in a plot of land in Kwu Tung in the New Territories that the government had plans to develop. Chan was responsible for pushing the project through, and was accused of conflict of interest and failure to make proper disclosure. An editorial in The Standard noted that, with the exception of Regina Ip, all other pro-establishment figures either remained silent or distanced themselves from Chan over the matter.

Chan's signature appears on the initial purchase agreement for 20,000 square feet plot of farmland near Sheung Shui. The deal was finalised by a company in which his wife held shares.Ma, Mary (23 July 2013). [http://www.thestandard.com.hk/news_detail.asp?we_cat=17&art_id=135788&sid=39991655&con_type=1&d_str=20130723&fc=2 "Act four in Paul Chan scandals"] {{webarchive|url=https://web.archive.org/web/20150130202409/http://www.thestandard.com.hk/news_detail.asp?we_cat=17&art_id=135788&sid=39991655&con_type=1&d_str=20130723&fc=2 |date=30 January 2015 }}. The Standard. Chan said that the land was acquired in 1994 at a cost of HK$350,000 for the family's leisure use. According to an exposé by Apple Daily, the land acquired in 1994 by Chan/Hui through a web of offshore-registered companies, which included 37.5% stake held by BVI-registered Orient Express Holdings Ltd., and Orient Express was held by Frieda Hui (90%) and their son, James (10%).{{cite web|url=http://hk.apple.nextmedia.com/news/first/20130724/18346928 |script-title=zh:囤地波 兒子也囤地|work=Apple Daily |language=zh-hk}} Paul Chan, claiming to be the owner of a piece of land, collected rent in 1996 and issued a receipt to a villager that was using it to grow crops. Chan signed it with a company chop of Statement Industries Ltd.{{cite web|url=http://cablenews.i-cable.com/webapps/news_video/index.php?news_id=451059&urlc=2 |script-title=zh:亞視向部分員工發十二月薪金 – 有線寬頻|publisher= i-CABLE}}{{cite web |url=http://www.singtao.com/yesterday/loc/0724ao04.html |script-title=zh:茂波：不記得曾自稱業主 |publisher=Sing Tao Daily |language=zh-hk}} Chan claimed not to remember whether he held out to being the owner of the land. Chan said he informed Chief Executive CY Leung of the purchase when he became aware of the government's plan to develop a new town in September 2012, and also informed the Executive Council. His wife then sold her 37.5 percent stake to her family the next month; Executive council members are not required to declare interests of their spouses or family.Luk, Eddie (23 July 2013). [http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=135781&sid=39989632&con_type=3&d_str=20130723&isSearch=1&sear_year=2013 "Chan holds ground"] {{webarchive|url=https://web.archive.org/web/20150130192906/http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=135781&sid=39989632&con_type=3&d_str=20130723&isSearch=1&sear_year=2013 |date=30 January 2015 }}. The Standard.Ip, Kelly (25 July 2013) [http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=135872&sid=40002717&con_type=1&d_str=20130725&isSearch=1&sear_year=2013 "Chan in-laws to sell 'hot property'"] {{webarchive|url=https://web.archive.org/web/20150130202326/http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=135872&sid=40002717&con_type=1&d_str=20130725&isSearch=1&sear_year=2013 |date=30 January 2015 }}. The Standard. According to Apple Daily, the 37.5% stake of the property held by Oriental Express was sold to her brother on 10 October at HK$2.7 million, and at a profit of around HK$2 million. Although Chan claimed this was at an arms length transaction, the price is estimated to be half the compulsory purchase price.{{cite web|url=http://hk.apple.nextmedia.com/news/art/20130726/18349862 |script-title=zh:許步明270萬賣股權益胞弟|work=Apple Daily |language=zh-hk}} Some legislators and pundits called upon Chan to recuse himself from the project due to his potential conflict of interest, but he refused.

In September 2014, the Development Secretary and his wife were found guilty of libel.[http://rthk.hk/mobile/news/20140930/1041587.htm 陳茂波及其妻誹謗罪成　賠償23萬元] {{webarchive|url=https://web.archive.org/web/20141006121256/http://rthk.hk/mobile/news/20140930/1041587.htm |date=6 October 2014 }}. RTHK, 30 September 2014

In 2012 his wife Frieda Hui Po-ming sent a total of six e-mails between 1 and 16 December 2011 to the Chinese International School and about 10 fellow parents of year 13 pupils alleging that Jonathan Lu and his twin sister, Caitlin, had cheated in economics tests.Chu, Julie (30 September 2014). "Paul Chan and Wife Lose Defamation Case". South China Morning Post, page A1 The emails also alleged that their father Carl, who was a parent governor at the school, attempted to suppress the incident. Four of the emails were written after the school section head had informed her of two investigations that had exonerated the twins. She wrote one more accusatory letter on 16 December, the day after the school had concluded a third investigation and had publicly issued a circular to all students of the findings.

During the trial, Chan attempted to implicate his wife as wholly responsible for the emails, resulting in Chan being satirised for once again employing the "BMW" defence – acronym for "Blame My Wife".{{cite web|url=http://hk.apple.nextmedia.com/news/art/20140926/18879604 |script-title=zh:原告批評陳茂波「BMW」|work=Apple Daily |language=zh-hk}}{{Cite web|url=http://www.mingpaocanada.com/Van/htm/News/20141001/HK-gba1_r.htm|title = 陳茂波夫婦誹謗罪成 4電郵文件裁惡意 判賠23萬}} However, the plaintiffs successfully argued that Paul Chan was complicit in the attempted character assassination as he was co-signatory, his Legislative Council email address was copied on the correspondence. In the emails, Hui used her husband's occupation as a legislator to leverage her accusations.{{cite web|url=http://www.ejinsight.com/20140905-paul-chan-and-his-wife-sent-libellous-e-mails/|title=Paul Chan and his wife sent libellous e-mails, court hears|work=EJ Insight}}{{Cite news|url=http://orientaldaily.on.cc/cnt/news/20120309/00176_069.html |script-title=zh:法庭：漢基校董告陳茂波誹謗|date=9 March 2012|work=Oriental Daily|access-date=7 October 2017|location=Hong Kong|language=zh-hk |trans-title=Directors of Chinese International School sue Paul Chan Mo-po for libel}}

At the end of the case, the judge found that there had been no actual evidence supporting Chan and his wife's accusations. The High Court ordered the couple to pay damages to the plaintiffs amounting to HK$230,000.

In October 2012, footage provided by Apple Daily showed someone who looked like Chan driving his car and crossing double white lines.{{Cite web |date=2013-01-26 |title=Paul Chan Mo-po avoids drink-driving charge |url=https://www.scmp.com/news/hong-kong/article/1136217/paul-chan-mo-po-avoids-drink-driving-charge |access-date=2022-11-03 |website=South China Morning Post |language=en}} Chan admitted to driving after drinking, and said he was "confident" he was not above the legal limit. Chan later said "I agree that one shouldn't drive after drinking."

File:財政司司長陳茂波17.jpg

In March 2021, Chan claimed that it was "absolutely reasonable" that Beijing was planning to implement electoral changes to have only "patriots" serve in the government.{{Cite web|title=Paul Chan defends the need to secure "One Country" - RTHK|url=https://news.rthk.hk/rthk/en/component/k2/1579207-20210307.htm?|access-date=2021-03-07|website=news.rthk.hk|language=en-gb}}

After the Heritage Foundation downgraded Hong Kong's ranking from their yearly economic freedom index report, Chan said that "When they arrived at that decision, they must have been clouded by their ideological inclination and political bias" and also disputed the view that Beijing is in charge of the city's economic policies.{{Cite web|title=Economic freedom report is biased: Paul Chan - RTHK|url=https://news.rthk.hk/rthk/en/component/k2/1578712-20210304.htm?|access-date=2021-03-16|website=news.rthk.hk|language=en-gb}}

File:Hong Kong Financial Secretary press conference 20200226 (cropped).jpg

In February 2021's budget announcement, Chan allocated HKD $8,000,000,000 for a "non-recurrent appropriation to a special fund to meet the expenditure for safeguarding national security".{{Cite web |date=2021-02-24 |title=Hong Kong budget: six key takeaways from finance minister's speech |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3122928/hong-kong-budget-deficit-stamp-duty-and-national |access-date=2021-02-25 |website=South China Morning Post |language=en}} It was not mentioned in his speech but rather in a 1000-page document, and Chan said that it would be spent "over the next couple of years", without giving further detail.{{Cite web |title=Govt reserves HK$8b "to safeguard national security" - RTHK |url=https://news.rthk.hk/rthk/en/component/k2/1577245-20210224.htm? |access-date=2021-02-25 |website=news.rthk.hk |language=en-gb}} Jeremy Tam, in response, said that "Eight billion is quite a large amount of money, particularly in this funding you do not have any transparency. We don't know how they are going to use it ... we have absolutely no idea."

Though Chan said in 2021 that the HKD $8,000,000,000 was "enough to last for a few years," he approved of another HKD $5,000,000,000 for national security in May 2023.{{Cite web |last=Lee |first=Peter |title=Hong Kong earmarks additional HK$5 billion for 'safeguarding national security' - Hong Kong Free Press HKFP |url=https://hongkongfp.com/2023/05/19/hong-kong-earmarks-additional-hk5-billion-for-safeguarding-national-security/ |access-date=2023-05-22 |website=hongkongfp.com |language=en-GB}}

In July 2021, Xia Baolong stated that before 2049, "We expect Hong Kong society to be more harmonious and peaceful, and the housing problems that we are all concerned about will have been greatly improved. We will bid farewell to subdivided flats and 'cage homes'".{{Cite web|date=2021-07-16|title=Beijing official says Hong Kong leaders must have strategic vision, warns West|url=https://www.scmp.com/news/hong-kong/politics/article/3141355/hong-kong-leaders-need-understanding-china-international|access-date=2021-07-28|website=South China Morning Post|language=en}}

Shortly afterwards, Chan interviewed with SCMP, vowing to help fix issues with housing in Hong Kong.{{Cite web|date=2021-07-25|title=Hong Kong finance chief calls for determination in tackling housing, wealth gap|url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3142441/hong-kong-finance-chief-calls-do-or-die|access-date=2021-07-28|website=South China Morning Post|language=en}}{{Cite web|date=2021-07-25|title=Border area near Shenzhen has potential for more projects, homes: Paul Chan|url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3142367/take-another-look-hong-kong-border-area-near|access-date=2021-07-28|website=South China Morning Post|language=en}}{{Cite web|date=2021-07-24|title=Hong Kong has land for housing, but must cut red tape, abuse, says Paul Chan|url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3142340/paul-chan-housing-hong-kong-has-land-must-cut-red|access-date=2021-07-28|website=South China Morning Post|language=en}} Chan said that land supply would need to be increased, and planning procedures would need to be simplified. Chan suggested that town planning laws needed to be changed to be more effective, and in response, a member from the Liber Research Community said that public participation in planning was essential.

In October 2022, Chan said that the public should not fixate on if new sites for housing are on green belt sites or are close to country parks, after some environmental groups expressed concerns about John Lee's policy address on rezoning 255 hectares of such land for housing.{{Cite web |title=Look at green belt plots on their merits, urges FS - RTHK |url=https://news.rthk.hk/rthk/en/component/k2/1672222-20221022.htm? |access-date=2022-10-22 |website=news.rthk.hk |language=en-gb}}

In January 2023, Chan said that the government had decided against implementing a vacancy tax on empty apartments.{{Cite web |date=2023-01-28 |title=Hong Kong’s finance chief floats tax break for families with foreign helpers |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3208308/hong-kongs-finance-chief-floats-tax-break-middle-class-families-foreign-domestic-helpers |access-date=2023-01-31 |website=South China Morning Post |language=en}}

On 11 January 2023, Chan said the government would not sell land for housing if bids failed to meet the government's reserve prices.{{Cite web |date=2023-02-03 |title=Hong Kong government withdraws Kwun Tong land sale after getting only 1 bid |url=https://www.scmp.com/business/article/3208917/hong-kongs-urban-renewal-authority-withdraws-kwun-tong-land-sale-drew-only-one-bid-amid-pessimistic |access-date=2023-02-03 |website=South China Morning Post |language=en}} In October 2023, Chan then said that the city's deficit would be larger than expected, due to the lack of land sales.{{Cite web |last=Lee |first=James |title=Hong Kong gov't may face larger deficit than expected, as finance chief cites weak land sales - Hong Kong Free Press HKFP |url=https://hongkongfp.com/2023/10/10/hong-kong-govt-expected-to-face-larger-deficit-than-expected-as-finance-chief-cites-weak-land-sales/ |access-date=2023-10-19 |website=hongkongfp.com |language=en-GB}}

In August 2022, Chan criticized Nancy Pelosi's visit to Taiwan.{{Cite web |last=Leung |first=Hillary |date=2022-08-03 |title='Gross interference': Hong Kong top officials, gov't departments, lawmakers condemn Nancy Pelosi's Taiwan visit |url=https://hongkongfp.com/2022/08/03/gross-interference-hong-kong-top-officials-govt-departments-lawmakers-condemn-nancy-pelosis-taiwan-visit/ |access-date=2022-08-25 |website=Hong Kong Free Press HKFP |language=en-GB}} Chan and other government officials were criticized by Lew Mon-hung for "crossing the line" with his statements on Taiwan, as the Basic Law stipulates that diplomatic affairs of Hong Kong are to be handled by mainland China's Foreign Ministry.{{Cite web |last=Standard |first=The |title=HK shouldn't "snatch" but attract overseas talents: Lew Mon-hung |url=https://www.thestandard.com.hk/breaking-news/section/4/193818/HK-shouldn%27t-%27snatch%27-but-attract-overseas-talents:-Lew-Mon-hung |access-date=2022-08-25 |website=The Standard |language=en}}{{Cite web |date=2022-08-24 |title=Poor communication is costing Hong Kong government public trust |url=https://www.scmp.com/comment/opinion/article/3189829/poor-communication-over-taiwan-press-freedom-and-2019-protests |access-date=2022-08-25 |website=South China Morning Post |language=en}}

On 11 September 2022, Chan said in his blog that increasing the vaccination rate in Hong Kong would be key to reopening the border, without specifying percentages.{{Cite web |title=Financial Secretary - My Blog - 但願人長久：從銀色債券談起 |url=https://www.fso.gov.hk/eng/blog/blog20220911.htm |access-date=2022-09-11 |website=www.fso.gov.hk |language=en}}{{Cite web |title=Boosting vaccine uptake a key to border reopening: FS - RTHK |url=https://news.rthk.hk/rthk/en/component/k2/1666404-20220911.htm? |access-date=2022-09-11 |website=news.rthk.hk |language=en-gb}}{{Cite web |last=Standard |first=The |title=HK's reopening hinges on vaccination, Finance Chief says |url=https://www.thestandard.com.hk/breaking-news/section/4/194591/HK%E2%80%99s-reopening-hinges-on-vaccination,-Finance-Chief-says |access-date=2022-09-12 |website=The Standard |language=en}} The same day, the government reported that the first-dose vaccination rate was 93.7%, second-dose rate was 91.1%, and third-dose rate was 74.6%.{{Cite web |title=2019冠狀病毒病疫苗接種計劃 COVID-19 Vaccination Programme |url=https://www.covidvaccine.gov.hk/en/dashboard |access-date=2022-09-11 |website=www.covidvaccine.gov.hk}}{{Cite web |date=2022-09-11 |title=Minister ties travel curb easing to higher Covid jab rate, city logs 9,033 cases |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3192122/hong-kong-can-only-fully-reopen-borders-if-citys |access-date=2022-09-11 |website=South China Morning Post |language=en}}

On 19 September 2022, Chan claimed that local citizens might be fine with hotel quarantine, stating it "might be acceptable to the locals, but we know it might not be good enough in terms of attracting tourists and international business travellers".{{Cite web |date=2022-09-19 |title=Hong Kong's travel curbs may be keeping travellers away, finance chief says |url=https://www.scmp.com/news/hong-kong/health-environment/article/3192981/coronavirus-hong-kong-risks-losing-more-global |access-date=2022-09-19 |website=South China Morning Post |language=en}} In contrast, a survey done by City University of Hong Kong of local citizens showed that a majority preferred the no hotel quarantine model of "0+7" rather than the "3+4" model of 3 days in hotel quarantine.{{Cite web |last=Standard |first=The |title=Majority of Hongkongers prefer "0+7" quarantine scheme, study shows |url=https://www.thestandard.com.hk/breaking-news/section/4/194947/Majority-of-Hongkongers-prefer-%220+7%E2%80%9D-quarantine-scheme,-study-shows |access-date=2022-09-21 |website=The Standard |language=en}} Chan also admitted that Hong Kong had lost too many professionals, stating "We do acknowledge the loss of talent over the past half a year or more, but recently this is more worrying".

On 27 September 2022, Chan said that talent will come back and remain with the city's "0+3" isolation format, and that "Authorities will provide maximum room for resumption of business connections and international activities while not undermining the protection of citizens from disease."{{Cite web |last=Standard |first=The |title=Hong Kong to regain lost talent with lifting of anti-epidemic measures: financial chief |url=https://www.thestandard.com.hk/breaking-news/section/4/195177/Hong-Kong-to-regain-lost-talent-with-lifting-of-anti-epidemic-measures:-financial-chief |access-date=2022-09-27 |website=The Standard |language=en}}{{Cite web |date=2022-09-27 |title=Hong Kong confident of attracting lost talent with '0+3' travel rule |url=https://www.scmp.com/business/banking-finance/article/3193952/hong-kongs-officials-are-confident-talent-will-come-back |access-date=2022-09-27 |website=South China Morning Post |language=en}}

On 17 October 2022, Chan said that the government has "been rationalising our anti-epidemic measures".{{Cite web |title=HK can't be eclipsed despite "bumpy ride": Paul Chan - RTHK |url=https://news.rthk.hk/rthk/en/component/k2/1671345-20221017.htm? |access-date=2022-10-17 |website=news.rthk.hk |language=en-gb}}

On 25 October 2022, Chan said that "We had been out of touch with the rest of the world because of Covid."{{Cite web |date=2022-10-25 |title=Hong Kong eyes ‘year of hope’ in 2023 after ‘losing touch’ with world |url=https://www.scmp.com/business/banking-finance/article/3197221/2023-year-hope-hong-kong-says-financial-secretary-paul-chan-city-vies-reclaim-former-status |access-date=2022-10-25 |website=South China Morning Post |language=en}}

In February 2023, Chan took questions on a radio program, but most callers were fixated on the mask mandate, with one caller saying "It's very difficult to tell people and persuade [them] that we are a leading international centre when we are the last people on the planet to remove masks."{{Cite web |date=2023-02-24 |title=Masks off by April? Hong Kong’s finance chief says move may come ‘end of season’ |url=https://www.scmp.com/news/hong-kong/health-environment/article/3211334/no-more-masks-april-hong-kong-finance-chief-raises-hopes-saying-city-will-drop-unpopular-covid-rule |access-date=2023-02-24 |website=South China Morning Post |language=en}}

In February 2022, Chan projected the government's deficit for the year at HK$56.3 billion, and in September 2022, revised his projection upwards to HK$100 billion.{{Cite web |date=2022-09-18 |title=Hong Kong may record its second worst deficit at over HK$100 billion: Paul Chan |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3192904/hong-kong-may-record-its-second-worst-deficit |access-date=2022-10-10 |website=South China Morning Post |language=en}}

Chan said that the official government projection for 2022's GDP growth would be between -0.5% to 0.5%, however, from July to September, it fell 4.5% year over year with one economist saying that a 3% drop for all of 2022 would be possible.{{Cite web |title=Hong Kong economy shrinks 4.5pc in Q3 - RTHK |url=https://news.rthk.hk/rthk/en/component/k2/1673538-20221031.htm? |access-date=2022-10-31 |website=news.rthk.hk |language=en-gb}} In November 2022, the government downgraded Chan's original projection to -3.2% for the year.{{Cite web |title=Govt cuts full-year GDP forecast to -3.2 percent - RTHK |url=https://news.rthk.hk/rthk/en/component/k2/1675199-20221111.htm? |access-date=2022-11-11 |website=news.rthk.hk |language=en-gb}} Chan blamed "poor market conditions, shrinking corporate profits tax, relatively quiet stock and property markets, and less revenue from stamp duties."{{Cite web |title=Paul Chan 'not optimistic' about economic outlook - RTHK |url=https://news.rthk.hk/rthk/en/component/k2/1675368-20221113.htm? |access-date=2022-11-13 |website=news.rthk.hk |language=en-gb}}

In December 2022, Chan acknowledged that the government had to sustain "substantially large" anti-Covid costs.{{Cite web |last=Lee |first=Peter |date=2022-12-06 |title=Hong Kong GDP falls 4.5% in third quarter as government expects over HK$100bn deficit, financial chief says |url=https://hongkongfp.com/2022/12/06/hong-kong-gdp-falls-4-5-in-third-quarter-as-government-expects-over-hk100bn-deficit-financial-chief-says/ |access-date=2022-12-08 |website=Hong Kong Free Press HKFP |language=en-GB}} In January 2023, Chan said that more than HK$600 billion was spent on anti-pandemic policies in the past few years.{{Cite web |last=Ho |first=Kelly |date=2023-01-31 |title=Hong Kong must tighten belt in 'post-Covid era,' finance chief says ahead of annual budget |url=https://hongkongfp.com/2023/01/31/hong-kong-must-tighten-belt-in-post-covid-era-finance-chief-says-ahead-of-annual-budget/ |access-date=2023-01-31 |website=Hong Kong Free Press HKFP |language=en-GB}} Chan said that it was "more important to increase income" than cut expenses, but also said that the city would not implement a vacancy tax on empty apartments.

In February 2023, figures showed that GDP had fallen worse than expected in 2022, at -3.5%.{{Cite web |date=2023-02-01 |title=Hong Kong economy shrinks worse-than-expected 3.5 per cent in 2022 |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3208712/hong-kong-economy-shrinks-worse-expected-35-cent-2022-weak-external-demand-advance-figures-show |access-date=2023-02-01 |website=South China Morning Post |language=en}}

In February 2023, the deficit for 2022-2023 was revealed to be HK$140 billion, more than double the original estimate of HK$56.3 billion.{{Cite web |last=Lee |first=Peter |date=2023-02-22 |title=Hong Kong Budget 2023: City expects to see HK$140 billion deficit, but 'visible rebound' in economy expected |url=https://hongkongfp.com/2023/02/22/hong-kong-budget-2023-city-expects-to-see-hk140-billion-deficit-but-visible-rebound-in-economy-expected/ |access-date=2023-02-22 |website=Hong Kong Free Press HKFP |language=en-GB}}

In February 2023, Chan also forecast a HK$54.4 billion deficit for 2023-2024, as well as GDP growth of 3.5% - 5.5%. In October 2023, Chan revised his estimate to a deficit of around HK$100 billion.{{Cite web |last=Ho |first=Kelly |title=Hong Kong may face over HK$100 billion fiscal deficit, finance chief Paul Chan warns - Hong Kong Free Press HKFP |url=https://hongkongfp.com/2023/10/27/hong-kong-may-face-over-hk100-billion-fiscal-deficit-finance-chief-paul-chan-warns/ |access-date=2023-10-30 |website=hongkongfp.com |language=en-GB}}

In early 2023, when announcing the new budget, Chan was asked by a lawmaker on why the budget did not include money for poverty reduction; Chan responded by saying "As a SAR official, I will not be intimidated. [Lawmakers] cannot use their vote of support or opposition to force me into doing something which I think would be inappropriate."{{Cite web |last=Hamlett |first=Tim |date=2023-03-03 |title=How a lone voice of dissent over the Hong Kong budget rattled the finance chief |url=https://hongkongfp.com/2023/03/03/how-a-lone-voice-of-dissent-over-the-hong-kong-budget-rattled-the-finance-chief/ |access-date=2023-03-06 |website=Hong Kong Free Press HKFP |language=en-GB}}

In September 2022, the Global Financial Centres Index ranked Hong Kong in 4th place from its previous 3rd place, with Singapore taking 3rd place.{{Cite web |last=Leung |first=Hillary |date=2022-10-10 |title=Hong Kong still has edge over Singapore, financial sec. says as city falls in rankings |url=https://hongkongfp.com/2022/10/10/hong-kong-still-has-edge-over-singapore-financial-sec-says-as-city-falls-in-rankings/ |access-date=2022-10-10 |website=Hong Kong Free Press HKFP |language=en-GB}} On 10 October 2022, Chan defended Hong Kong, and said "But if you look at the content closely, Hong Kong's total score has actually increased by ten," but did not address Singapore's score increasing by 14 points. Chan criticized people who compared Singapore with Hong Kong, saying that those discussions "often relied on vague impressions".

In contrast, in October 2022, former government official Anthony Cheung Bing-leung pointed out how Singapore outperformed Hong Kong, saying that "With the fear of being criticized as "lying flat," Hong Kong lost the initiative in the competition with Singapore for full recovery" from COVID-19.{{Cite web |last=Standard |first=The |title=Singapore outperforms Hong Kong due to geopolitics and epidemic: Anthony Cheung |url=https://www.thestandard.com.hk/breaking-news/section/4/195732/Singapore-outperforms-Hong-Kong-due-to-geopolitics-and-epidemic:-Anthony-Cheung |access-date=2022-10-11 |website=The Standard |language=en}}

In March 2023, Chan said that Hong Kong was more fun than Singapore, and that "We are way more fun. We have natural mountains and tourists can also cross the border to the mainland."

In July 2024, Chan said that "When you contrast Hong Kong with Singapore, in terms of freedom, here is much better."{{Cite web |date=2024-06-28 |title=Hong Kong enjoys ‘competitive advantages’ over Singapore in global talent race |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3268325/hong-kong-enjoys-competitive-advantages-over-singapore-global-talent-race-paul-chan |access-date=2024-07-28 |website=South China Morning Post |language=en}}

In March 2022, Chan announced the November 2022 Global Financial Leaders' Investment Summit.{{Cite web |title=Hong Kong invites global financiers to two-day November summit in much-heralded bid to reclaim city's spot in world finance |url=https://finance.yahoo.com/news/hong-kong-invites-global-financiers-093000061.html |access-date=2022-10-20 |website=finance.yahoo.com |language=en-US}} After several US lawmakers asked US-based financial executives to not attend the Summit, Chan said that the lawmakers has a "narrow mindset."{{Cite web |date=2022-10-30 |title=Week of large-scale events shows Hong Kong is ‘open for business’: treasury chief |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3197735/hong-kong-shows-it-bouncing-back-22000-participants-expected-2-major-events-week |access-date=2022-10-31 |website=South China Morning Post |language=en}} RTHK reported that it was unclear if Chan could attend the Summit due to testing positive for COVID-19. On 31 October 2022, Chan, while in Saudi Arabia with COVID-19, said in an address to Hong Kong FinTech Week that "I would really love to join you in person, but obviously the Arabian hospitality is keeping me away."{{Cite web |title=Speech by FS at Hong Kong Fintech Week 2022 (English only) |url=https://www.info.gov.hk/gia/general/202210/31/P2022103100273.htm |access-date=2022-10-31 |website=www.info.gov.hk}} Chan also said that Hong Kong is "back in business" and "We're back!" while delivering a pre-recorded video to Hong Kong FinTech Week, though he was not able to attend the event in person due to him being unable to fly to Hong Kong until testing negative for COVID, due to Hong Kong's restrictions.{{Cite web |date=2022-10-31 |title=Hong Kong ‘back in business’, finance chief Paul Chan says at start of crucial week |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3197829/hong-kong-back-business-digital-transformation-financial-services-central-priority-citys-paul-chan |access-date=2022-11-01 |website=South China Morning Post |language=en}}{{Cite news |date=2022-11-02 |title=Hong Kong struggles to persuade CEOs it is open for business |work=Financial Times |url=https://www.ft.com/content/3ff1f4ad-6180-49ea-861c-52960784e4f4 |access-date=2022-11-03}}

The Department of Health, in a press release issued at 11:57pm on 1 November 2022, said Chan was a "recovered case and was not contagious, and isolation was not required," but did not specify if Chan tested negative on his PCR test.{{Cite web |title=FS to attend Global Financial Leaders' Investment Summit tomorrow |url=https://www.info.gov.hk/gia/general/202211/01/P2022110100825.htm |access-date=2022-11-01 |website=www.info.gov.hk}} The press release also stated that Chan will attend the Summit but "will not take part in meals," and did not specify the reason behind that if he had "recovered." On 2 November 2022, SCMP reported that Chan's PCR test was positive.{{Cite web |date=2022-11-02 |title=Hong Kong finance chief’s ‘PCR test for Covid positive upon return to city’ |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3198111/hong-kong-finance-chief-paul-chans-pcr-test-covid-positive-upon-return-city-middle-east-viral-load |access-date=2022-11-02 |website=South China Morning Post |language=en}} There was no information in the report about Chief Executive John Lee's earlier pledge on 1 November 2022 that Chan would not be allowed any exemptions, and would have to isolate if he tested positive.{{Cite web |date=2022-11-01 |title=Hong Kong leader shrugs off absence of 3 top bankers from financial summit |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3197959/hong-kong-leader-john-lee-shrugs-absence-3-top-bankers-key-financial-summit-insists-city-full-vigour |access-date=2022-11-02 |website=South China Morning Post |language=en}}

Later on 2 November 2022, the government denied that Chan was given any special treatment.{{Cite web |title=FS had recovered from Covid despite positive test - RTHK |url=https://news.rthk.hk/rthk/en/component/k2/1673974-20221103.htm? |access-date=2022-11-02 |website=news.rthk.hk |language=en-gb}} In a press release, the government said that Chan "conducted a PCR test upon arrival at the HKIA yesterday and the result was positive with Ct value within the range of the above-mentioned recovered cases," but did not provide the numerical range of acceptable Ct values which would exempt one from isolation.{{Cite web |title=Government responds to media enquiries on FS' PCR test and isolation arrangement |url=https://www.info.gov.hk/gia/general/202211/02/P2022110200875.htm |access-date=2022-11-02 |website=www.info.gov.hk}}

On 3 November 2022, Chan said that he did not benefit from any "double standards."{{Cite web |last=Standard |first=The |title=Health expert slams govt bias in allowing financial chief no quarantine despite being Covid positive   |url=https://www.thestandard.com.hk/breaking-news/section/4/196670/ |access-date=2022-11-03 |website=The Standard |language=en}} In contrast, Hong Kong's leading microbiologist from the University of Hong Kong, Ho Pak-leung, criticized the government's inconsistency and said there was a "failing to comply with a unified standard" with regard to Chan's case.

In December 2022, after the WTO ruled against the United States' requirement that products labelled "Made in Hong Kong" be instead labelled as "Made in China," Chan said the WTO ruling was necessary as a matter of principle.{{Cite web |date=2022-12-22 |title=Hong Kong commerce chief urges US to respect WTO ruling against ‘Made in China’ label |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3204201/hong-kong-commerce-minister-urges-us-respect-wto-ruling-not-needing-made-china-label-city-goods |access-date=2022-12-22 |website=South China Morning Post |language=en}}

In January 2023, Chan traveled to Switzerland and began pitching Middle Eastern countries for investment in Hong Kong; Chan said there were "information gaps and perception issues" with Hong Kong.{{Cite web |date=2023-01-19 |title=Exclusive: Hong Kong to attract Middle East companies with promotion drive: finance chief |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3207316/hong-kong-attract-middle-east-companies-aggressive-promotion-drive-citys-finance-minister-says |access-date=2023-01-19 |website=South China Morning Post |language=en}}

In February 2023, Chan announced that the government would fund the Microelectronics Research and Development Institute in Yuen Long, to become a "leading organisation for supporting microelectronics development in the Asia-Pacific region."{{Cite web |date=2023-02-26 |title=Experts lay out steps Hong Kong can take to leap ahead in global chip race |url=https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3211580/experts-lay-out-steps-hong-kong-can-take-leap-ahead-global-chip-race |access-date=2023-02-26 |website=South China Morning Post |language=en}}

In April 2023, Chan announced the "Happy Hong Kong" program, and when asked about the effectiveness of the campaign, said it would be "pretty difficult to have a very well-defined numeric criteria to be established."{{Cite web |last=Chau |first=Candice |date=2023-04-24 |title='Happy Hong Kong' campaign to kick off with HK$30 movie tickets and food fair |url=https://hongkongfp.com/2023/04/24/happy-hong-kong-campaign-to-kick-off-with-hk30-movie-tickets-and-food-fair/ |access-date=2023-04-25 |website=Hong Kong Free Press HKFP |language=en-GB}} Lawmaker Doreen Kong questioned the effectiveness of the campaign on helping the city's economy.{{Cite web |last=Chau |first=Candice |date=2023-04-27 |title=Hongkongers' happiness correlates with gov't popularity, research finds |url=https://hongkongfp.com/2023/04/27/hongkongers-happiness-correlates-with-govt-popularity-research-finds/ |access-date=2023-04-27 |website=Hong Kong Free Press HKFP |language=en-GB}}

In September 2023, a survey found that the happiness level of Hongkongers had dropped to a 10-year low.{{Cite web |date=2023-09-28 |title=Hong Kong’s post-pandemic blues? Survey finds happiness level at decade low |url=https://www.scmp.com/news/hong-kong/society/article/3236114/happiness-level-hongkongers-decade-low-survey-finds-concern-group-cites-covid-post-trauma |access-date=2023-09-29 |website=South China Morning Post |language=en}}

The government's "Future Fund" was established in 2016, to which journalist Gwyneth Ho said "In 2020, Financial Secretary Paul Chan began using the Future Fund... first to inject money into Cathay Pacific... it was supposed to be untouched for 10 years."{{Cite web |last=Leung |first=Hillary |date=2023-07-20 |title=Hong Kong 47: Activist Gwyneth Ho believed in vetoing the budget during her journalist days, court hears |url=https://hongkongfp.com/2023/07/20/hong-kong-47-activist-gwyneth-ho-believed-in-vetoing-the-budget-during-her-journalist-days-court-hears/ |access-date=2023-07-20 |website=Hong Kong Free Press HKFP |language=en-GB}}

In October 2023, Chan announced that 30 "strategic enterprises" would set up or expand their business in the city; local media reported that some of those companies had already long been established in Hong Kong, such as Lenovo and JD, which were publicly listed in the city's stock exchange.{{Cite web |last=Chan |first=Irene |title=Firms already in Hong Kong among those drawn by gov't push to boost tech sector; up to 80% from mainland China - Hong Kong Free Press HKFP |url=https://hongkongfp.com/2023/10/05/firms-already-in-hong-kong-among-those-drawn-by-govt-push-to-boost-tech-sector-up-to-80-from-mainland-china/ |access-date=2023-10-19 |website=hongkongfp.com |language=en-GB}}

Chan is the managing director of Paul Chan & Partners, Hong Kong Limited. He also serves as independent non-executive director for several Hong Kong listed companies.[http://www.hkicpa.org.hk/membership/cpd/activities/2008/S080607.pdf Paul Chan Mo Po]

On 3 July 2020, the Chinese official media, Xinhua news agent, stated that the Committee for Safeguarding National Security of the Hong Kong Special Administrative Region was formally established. There were 10 members of the committee. As the Financial Secretary of Hong Kong, Chan was a member of the committee.{{cite web |last1= Liu |first1 = Mingyang |title= The Committee for Safeguarding National Security of the Hong Kong Special Administrative Region is formally established with Carrie Lam as chairman |url= http://www.xinhuanet.com/renshi/2020-07/03/c_1126193231.htm |website=Xinhua Net |access-date=8 August 2020 |archive-url=https://web.archive.org/web/20200808053324/http://www.xinhuanet.com/2020-07/06/c_1126203435.htm|archive-date=8 August 2020 |date=8 August 2020}}

Chan and his wife own 2 residential properties.{{Cite web |last=Standard |first=The |title=Financial Services Secretary tops the interests declaration with seven properties |url=https://www.thestandard.com.hk/breaking-news/section/4/193376/Financial-Services-Secretary-tops-the-interests-declaration-with-seven-properties |access-date=2022-08-11 |website=The Standard |language=en}}

Chan is a voting member of the Hong Kong Jockey Club.{{Cite web |last=Standard |first=The |title=Crunch looms in rare race to join the club |url=https://www.thestandard.com.hk/section-news/section/4/244870/Crunch-looms-in-rare-race-to-join-the-club |access-date=2022-08-25 |website=The Standard |language=en}}

On 27 October 2022, Chan tested positive for COVID-19 while in Saudi Arabia.{{Cite web |title=Financial Secretary tests positive for Covid - RTHK |url=https://news.rthk.hk/rthk/en/component/k2/1672917-20221027.htm?spTabChangeable=0 |access-date=2022-10-27 |website=news.rthk.hk |language=en-gb}}

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• [https://web.archive.org/web/20080916125014/http://www.paulmpchan.org/ Official website of Hon Paul Chan Mo Po]

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Category:Hong Kong businesspeople

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