HONG KONG : Hong Kong is under pressure to rein in spending when it unveils its annual budget on Wednesday, after racking up huge fiscal deficits during the COVID-19 pandemic and as it struggles to kick-start the economy and regain its financial lustre.The sustainability of the city's fiscal reserves has
HONG KONG : Hong Kong is under pressure to rein in spending when it unveils its annual budget on Wednesday, after racking up huge fiscal deficits during the COVID-19 pandemic and as it struggles to kick-start the economy and regain its financial lustre.
"As our economy and market came under pressure, we took exceptional measures during exceptional times to safeguard people's livelihood," Financial Secretary Paul Chan wrote in a recent blog post."However, as our economy stabilises, we have to make adjustments to our fiscal measures accordingly." "Even though the government is under tremendous pressure to reduce public expenditure, it may not be appropriate to abolish relief measures across the board," he added.
Exacerbating the shortfall for Hong Kong has been a sharp drop in land sales that have long been a core source of revenue - with PWC expecting this to hit HK$80 billion - 33 per cent less than the original government estimate.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Airport’s passenger volume surges as China reopensTraffic to and from South-east Asia and Japan recorded the most significant increases. Read more at straitstimes.com.
Read more »
Atullibigeal, Hall’s real deal for DerbyHONG KONG – David Hall plans to run Atullibigeal in the HK$24 million (S$4 million) BMW Hong Kong Derby (2,000m) on March 19, after his victory under Hugh Bowman in the Class 3 TVB Midlife, Sing & Shine Handicap (1,600m) at Sha Tin on Sunday. Stepping up to a mile for...
Read more »
Where does Chow Yun Fat eat in Hong Kong? From egg tarts to Lamma seafoodHONG KONG — Chow Yun Fat is widely considered to be that “big brother” every Hongkonger needs or aspires to be. It’s just one of the reasons fans call him “fat gor” — literally “big brother Fat” in Cantonese.
Read more »
China’s durian demand is a godsend for Philippines trade; but for other Asian countries ‘durian diplomacy’ raises concernsHONG KONG — More than 900km southeast of Manila, Davao City is dubbed “durian capital of the Philippines”. With the volcanic soil of Mount Apo said to give the pungent “king of fruit” a unique flavour, the region accounts for almost 80 per cent of all durians grown in the country.
Read more »
HK’s Russian Emperor rules in QatarDOHA - Russian Emperor landed a famous victory for Hong Kong in the Qatar Group 1 H.H. The Amir Trophy (2,400m) for trainer Douglas Whyte and jockey Alberto Sanna at Al Rayyan in Doha, Qatar, on Saturday. Settled at the rear throughout against runners from Ireland, France,...
Read more »
China Renaissance shares extend loss after chairman goes missingShares of China Renaissance Holdings reversed early gains to fall as much as 5 per cent on Monday, following a record low hit in the previous session that was triggered by the boutique investment bank saying it could not contact its chairman.The Hong Kong-listed stock, which climbed as much as 3.5 per cen
Read more »