FOR THE third time in little over a year, France looks likely to lose its prime minister. François Bayrou’s decision on August 25th to put his government’s survival on the line with a vote of confidence on September 8th was as unexpected as it was risky. The centrist prime minister runs a minority government in…
(Bloomberg) — China’s budget deficit climbed to a fresh record in the first half, highlighting intensified government efforts to shore up domestic demand as Donald Trump’s tariffs reduce exports to the US. Most Read from Bloomberg The broad fiscal gap reached 5.25 trillion yuan ($733 billion) in January-June, according to Bloomberg calculations based on data…
The number of instances of misuse of Hong Kong’s HK$2 (26 US cents) transport subsidy scheme for the elderly has fallen sharply since the introduction of real-name registration, the city’s welfare minister has revealed. Secretary for Labour and Welfare Chris Sun Yuk-han said on Wednesday that between August 2024 and April of this year, there…
The number of instances of misuse of Hong Kong’s HK$2 (26 US cents) transport subsidy scheme for the elderly has fallen sharply since the introduction of real-name registration, the city’s welfare minister has revealed. Secretary for Labour and Welfare Chris Sun Yuk-han said on Wednesday that between August 2024 and April of this year, there…
The Hong Kong government plans to raise the fixed HK$320 (US$41) penalty for illegal parking to HK$400, while fines for speeding and other more severe traffic offences will increase by about 50 per cent, the Post has learned. A source said on Wednesday that the fee review, part of a bigger strategy announced earlier to…
Hong Kong lawmakers have called for scrapping some civil service benefits amid a budget deficit, as the government revealed it spent more than HK$300 million (US$38.6 million) in a year on holiday bonuses and another HK$5 million on recreational facilities. But the government defended the benefits, saying they were included in employment contracts and could…
The government’s recent decision to significantly increase public hospital fees has reignited concerns about the long-term sustainability of the system. Hong Kong’s reliance on a tax-funded model is becoming fiscally unsustainable. Rather than merely raising charges for medical services, a comprehensive and forward-thinking approach to healthcare financing reform is urgently needed. Decades of reliance on…
As Hong Kong grapples with an estimated budget deficit of nearly HK$100 billion (US$12.8 billion), Financial Secretary Paul Chan Mo-po has urged government departments to tighten their purse strings ahead of announcing his annual budget on February 26. His call has sparked concerns among some observers about the possible impacts of budget cuts, including higher…
Tackling a ballooning deficit has become the overriding priority for Financial Secretary Paul Chan Mo-po. However, there is more to public finance than just balancing the books. From curbing public expenditure and boosting revenues to making bold economic reforms and fostering advancement within the national development framework, Chan is facing his toughest challenge yet when…
Hong Kong’s finance chief has vowed to press on with the Northern Metropolis megaproject by issuing bonds to fund the plan, insisting that the policy is a step in the right direction for the city’s long-term development despite a looming budget deficit. Financial Secretary Paul Chan Mo-po also said that the development of the scheme…