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Hong Kong lawmakers urge delay of less-urgent public projects to address budget deficit

share-iconMonday, January 06 comment-icon2 weeks ago 10 views
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scmpSCMP
Hong Kong lawmakers urge delay of less-urgent public projects to address budget deficit

Credited from: SCMP

  • Lawmakers in Hong Kong have requested the government to postpone less-urgent construction initiatives to mitigate a projected budget deficit of nearly HK$100 billion (US$12.8 billion).
  • In response to Financial Secretary Paul Chan Mo-po's commitment to public works and financial sustainability, lawmakers suggest breaking projects into stages.
  • Proposals include reassessing a HK$600 million to HK$700 million gallery on the Wan Chai waterfront and merging it with existing resources.
  • Lawmaker Edward Leung Hei advocates for postponing minor projects and reviewing the current bidding process to enhance competition among developers.
  • Some small-scale projects, such as cycling paths, are deemed non-urgent, raising questions about their current necessity in light of the financial situation.

For more information, visit the original article at South China Morning Post.

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

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