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Hong Kong's Finance Minister Pledges to Ease Public Strain Amid Budget Cuts

share-iconMonday, January 06 comment-icon2 weeks ago 7 views
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Hong Kong's Finance Minister Pledges to Ease Public Strain Amid Budget Cuts

Credited from: SCMP

  • Hong Kong's finance minister, Paul Chan, aims to reduce negative impacts on residents amid a nearly HK$100 billion deficit.
  • Chan emphasized that some subsidy schemes will be reviewed to alleviate long-term financial pressure.
  • Key focus areas include cost-cutting and prioritizing public works, especially in housing and economic development.
  • Chan attributed fiscal deficits to the Covid-19 pandemic, high interest rates, and geopolitical tensions.
  • He assured that, in boosting revenues, the government would consider public perspectives to minimize disruption.

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