Reported about 6 hours ago
Hong Kong's upcoming budget will address significant economic challenges, including prolonged fiscal deficits and diminishing growth rates. Financial Secretary Paul Chan aims to reduce spending and generate revenue through measures such as increasing taxes for high earners and modifying transport subsidies. The city has historically relied on its property sector, which has seen a drastic decline, contributing to a projected HK$100 billion budget shortfall for the current fiscal year. As consumer spending remains weak, the government’s strategy must balance fiscal discipline with essential public services, while external factors like US-China trade tensions complicate the situation.
Source: YAHOO