HK to adopt effective measures to solve deficit: official

Home>>Business

Last updated at: (Beijing Time) Thursday, February 12, 2004

HK to adopt effective measures to solve deficit: official

The Hong Kong Special Administrative Region government must adopt appropriate and effective measures to strike a financial balance in the mid term, a Hong Kong official said here Wednesday.

DISCUSSION

CHINESE

SEND TO FRIEND

The Hong Kong Special Administrative Region government must adopt appropriate and effective measures to strike a financial balance in the mid term, a Hong Kong official said here Wednesday.

Hong Kong's Secretary for Financial Services and the Treasury Frederick Ma told the Legislative Council that Financial SecretaryHenry Tang Ying-yen had announced earlier that the administration is determined to control government operating expenditure and reduce it by 11 percent to 200 billion HK dollars (25.6 billion USdollars) by 2008 to 2009, restore fiscal balance by 2008 to 2009, and keep public expenditure to 20 percent of its GDP or below.

Ma pointed out that these are realistic objectives as they havetaken into account the social expectations from different walks oflife in Hong Kong.

He pointed out that the financial secretary, before bringing forward his budget bill on March 10 for the 2004-2005 financial year, had elicited opinions and suggestions from various sectors in Hong Kong.

Ma noted that the government and the community had reached a consensus to control public expenditure before thinking of measures to increase the income.

Source: Xinhua

Questions?Comments? Click here

Departure tax hike to help ease HK's budget deficit: official

HK's economic revival to focus on alleviating deflation

HK's 9-month deficit hits 9.1 bln dlrs at end-december

Why Lai Changxing's appeal to Canadian court rejected? ( 6 Messages)

Japan decides to further cut back economic aid to China ( 30 Messages)

US media urge gov't not to surrender China market to EU ( 2 Messages)

Bird flu detected in US as virus wanes in Asia ( 2 Messages)

Handling Sino-Japan ties in an overall perspective ( 4 Messages)