Financial Secretary Henry Tang's fourth budget speech was greeted with enthusiastic response from political parties, professionals and the business sector. They all agreed that the budget would contribute to Hong Kong's development and cater to the people's needs.

The business sector is "extremely pleased" with the latest budget, said Stanley Ho, chairperson for the Hong Kong Institute of Real Estate.

The Hong Kong General Chamber of Commerce (HKGCC) considered the budget as "pragmatic".

"[We] view the Financial Secretary's 2007-2008 budget as a reflection of the strong economy and the realities facing the SAR. It also provides a roadmap for future policies," said a spokesperson for the HKGCC.

The Federation of Hong Kong Industries (FHKI) applauded proposal for its return of wealth to the public. FHKI believed that the new measures, grounded in the abundant fiscal surplus, should further consolidate Hong Kong's prosperity.

The Securities and Futures Commission also said the initiatives would enhance Hong Kong's competitiveness, and vows to "actively participate in measures that are aimed at strengthening the city's status as an international financial center."

Major political parties, too, spoke highly of the budget.

The Democratic Alliance for the Betterment and Progress of Hong Kong (DAB) described the budget as the best since 1997, stating that "it meets public expectation and gives wealth back to the people."

The Liberal Party called it an appropriate response to the public demands.

Praises were echoed among professional bodies and academics. The CPA Australia (Hong Kong) described the budget as "giving something back to the people", while the Taxation Institute of Hong Kong believed it could ease the burden of many families in Hong Kong.

Standard and Poor's Rating Services said that the budget "extends the trend of fiscal discipline evident in recent years, which is a key support for Hong Kong's long-term credit worthiness."

The Hong Kong Institute of Architects also expressed support for the overall directions of the budget, which strikes a good balance between the different aspects of Hong Kong's economic growth.

Welcoming the new measures, the Association of Chartered Certified Accountants said it would support Tang's principles of leaving wealth with the community to sustain economic growth.

Sun Yun-wing, professor of economics in the Chinese University of Hong Kong, said that the budget would achieve a good equilibrium between the interests of different sections of the society.

Chair Professor of Economics and Finance in the City University of Hong Kong Cheung Yan-leung noted that the budget is "welcome news" to the public.