Top

Hong Kong may post first budget deficit in 15 years

Hong Kong may post first budget deficit in 15 years

Hong Kong is set to record its first budget deficit in 15 years, financial secretary Paul Chan said.

Chan blamed the 2019-2020 deficit on decreased tax revenues, a slowdown in land sales and recent economic sweeteners he unveiled in a bid to win over the public during a tumultuous year of unrest.

"At the end of the financial year, the SAR government will be in the red," Chan said, using an abbreviation for the Hong Kong government.

"Hong Kong's economy is now in extremely difficult times," he added, as he called for political violence to cease.

The city has been battered by nearly six months of protests triggered by rising public anger over China's rule and the police's response to protests.

Chan blamed the 2019-2020 deficit on decreased tax revenues, a slowdown in land sales and recent economic sweeteners he unveiled in a bid to win over the public during a tumultuous year of unrest.

"At the end of the financial year, the SAR government will be in the red," Chan said, using an abbreviation for the Hong Kong government.

The last time Hong Kong recorded a budget deficit was in the aftermath of a deadly 2003 outbreak of the Sars virus that killed some 300 people.

In line with the latest government forecast, the economy was set to contract 1.3% in 2019.

The city has been battered by nearly six months of protests triggered by rising public anger over China's rule and the police's response to protests. Crowds are pushing for greater democratic freedoms and police accountability, but the city's pro-Beijing leadership has refused any major political concessions.

The increasingly violent rallies have hammered the retail and tourism sectors, with mainland Chinese visitors abandoning the city in droves.

If you find out orphographic mistake in the text, please select mistaken part of the text and press Ctrl + Enter.

Last added

Latest news



Orphus sistemi