Due to an obvious improvement of Hong Kong economy last year it is expected that the overall government account will be able to resume payment balance in the fiscal year of 2007 - 2008 and attain the goal of blotting out the red, said Tang Yingnian, financial director of the Hong Kong SAR government.

According to the report of the HK media, in the principle of "using whatever can be used" the resources will be injected in to cater to the needs for a long-term development in Hong Kong, said Tang Yingnian. Besides, the financial budget approved at the legislation meeting of the Hong Kong SAR government by the end of April will deliver the draft act for the abrogation of legacy taxes.

To abrogate the act for legacy taxes, said Tang Yingnian, the government will incur a loss of 1.5 billion Hong dollars but will be helpful for arresting the attention of investors to Hong Kong and bring up the development of asset management business and increase employment opportunities and help boom the financial market.

By People's Daily Online