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Hong Kong Government Aims to Ease Burden on Residents Amid HK$100 Billion Deficit

share-iconSunday, January 05 comment-icon2 weeks ago 9 views
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scmpSCMP
Hong Kong Government Aims to Ease Burden on Residents Amid HK$100 Billion Deficit

Credited from: SCMP

  • Hong Kong’s finance minister, Paul Chan Mo-po, pledged to reduce negative effects on residents amid a nearly HK$100 billion deficit.
  • Chan indicated that some long-term subsidy schemes would need to be reviewed to address financial sustainability.
  • He emphasized the government's focus on cost-cutting and prioritizing public work projects, especially in housing and the Northern Metropolis border town.
  • The estimated deficit is projected to exceed HK$100 billion, attributed to the Covid-19 pandemic and high interest rates in recent years.
  • Chan assured that any revenue-boosting measures would consider real-world impacts, aiming to minimize public stress during economic recovery.

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