Hong Kong's latest budget aims to cut spending to tackle record HK$87b deficit
Hong Kong Finance Secretary Paul Chan has unveiled a "belt-tightening" budget aimed at ending the city's series of record-high deficits. The city is projected to mark its third consecutive financial year in the red of more than HK$87 billion — exceeding initial estimates. Some measures include eliminating 10,000 civil service jobs, as well as reducing some of the subsidies that were given out during the COVID-19 pandemic. Mr Chan is now looking to restore fiscal balance within the current government term, which ends in June 2027. May Wong reports.
Hong Kong Finance Secretary Paul Chan has unveiled a "belt-tightening" budget aimed at ending the city's series of record-high deficits. The city is projected to mark its third consecutive financial year in the red of more than HK$87 billion — exceeding initial estimates. Some measures include eliminating 10,000 civil service jobs, as well as reducing some of the subsidies that were given out during the COVID-19 pandemic. Mr Chan is now looking to restore fiscal balance within the current government term, which ends in June 2027. May Wong reports.
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