Hong Kong’s finance chief has unveiled a belt-tightening budget seeking to tap new sources of revenue and ease a HK$87.2 billion (US$11.2 billion) deficit, starting with a pay freeze for all public servants, a downsizing of the civil service by 10,000 positions and a cut in education spending. Citing the benefits of the “one country,…
Hong Kong will follow a strategy of “fiscal consolidation”, with the government “strictly controlling” public spending to address the deficit even as it seeks to improve services related to residents’ livelihoods, the finance chief has said. Three days before he is set to deliver his 2025-26 budget speech, Financial Secretary Paul Chan Mo-po on Sunday…
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…