HK Govt to Reduce Public Sector Expenditure

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Last updated at: (Beijing Time) Saturday, July 13, 2002

HK Govt to Reduce Public Sector Expenditure

The Hong Kong government will reduce the size of the public sector expenditure from 23 percent of the GDP to 20 percent or below, said Financial Secretary Antony Leung here Friday.

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The Hong Kong government will reduce the size of the public sector expenditure from 23 percent of the GDP to 20 percent or below, said Financial Secretary Antony Leung here Friday.

Leung said the government was finding ways to alleviate the budget deficit as the newly-passed civil service pay cut bill which was expected to save 6 billion HK dollars (769 million US dollars) in the budget turned out to save only about 3 billion HK dollars (385 million US dollars).

To make up the shortfall, the most powerful instrument is to see how the government could contain the growth of public expenditure further, he said.

Leung added that meanwhile the government would still render good service to the community through re-deployment, more effective use of resources, re-engineering the organization and re-prioritization.

The financial secretary said in his budget speech in March that the government would try to achieve a budget balance in both the consolidated account and the operating account by 2006-2007.

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