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Hong Kong Plans Major Cost Cuts as Deficit Nears HK$100 Billion

share-iconSunday, January 05 comment-icon2 weeks ago 7 views
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Hong Kong Plans Major Cost Cuts as Deficit Nears HK$100 Billion

Credited from: SCMP

  • Hong Kong's financial secretary plans to **reduce recurring expenses** and prioritize **public works** to balance the budget.
  • The **deficit** is projected to reach nearly **HK$100 billion**, a significant increase from the initial estimate of HK$48.1 billion.
  • Discussions included concerns about cutting the **civil service workforce** and waste on extravagant festivities.
  • Chan ruled out resuming the **application list system** for land sales, emphasizing the need for government control over land supply.
  • Experts suggest that boosting revenue through improved land sale methods could help address the **budget shortfall**.

For further 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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