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Hong Kong plans spending cuts amid projected HK$100 billion deficit

share-iconPublished: Saturday, January 04 share-iconUpdated: Saturday, January 04 comment-icon11 months ago
News sources:
SCMP
Hong Kong plans spending cuts amid projected HK$100 billion deficit

Credited from: SCMP

  • Hong Kong's financial secretary plans to focus on reducing recurring expenses and prioritizing public works.
  • The estimated deficit for the current fiscal year has risen to nearly HK$100 billion due to disappointing land sales revenues.
  • Chan emphasized the importance of curbing growth in expenditures rather than increasing taxes to maintain the city's low tax appeal.
  • During a town hall event, community members provided feedback on potential measures, including cutting civil service jobs.
  • Despite the anticipated deficit, Chan expressed optimism that property prices will stabilize and eventually recover.

For more details, visit the original article here.

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Author:

Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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