The Hong Kong Director of Finance Chen Maobo announced that due to the slow expectations of economic growth and the influence of the asset market, the Hong Kong fiscal deficit is expected to increase by nearly 90 % this year.
Comprehensive Sing Tao Daily and the Internet media "Hong Kong 01" reported that Chen Maobo disclosed on Wednesday (February 28) to announce a new fiscal budget that 2023/24 comprehensive deficit is expected to reach 101.6 billion yuan (Hong Kong dollars, the same, S $ 17.4 billion), about 86%higher than the estimated 54.4 billion yuan last year.The fiscal reserve is expected to be 733.2 billion yuan, which is enough for the Hong Kong government to spend one year.
Chen Maobo said that due to the rise in global interest rates, slower economic and continuous geopolitical tension, Hong Kong's economic growth was slower than expected last year. Although the overall expenses fell after the epidemic, the asset market was soft, the land price and stamp duty revenue revenueThe decline has expected that the government's revenue is expected to decline by 13.7%to 554.6 billion yuan, of which real estate revenue is only 19.4 billion yuan, which is 65.6 billion yuan less than expected; the stamp tax revenue is only 50 billion yuan, which is 35 billion yuan less than expected.
However, he also said that the outside world should not only focus on the Hong Kong government's income and expenditure, but pay attention to the overall economic cycle.The Hong Kong Government will also adhere to the principle of quantitatives and avoid the Hong Kong government's finances to continue deficit.
Chen Maobo emphasized that the Hong Kong government has determination and confidence to overcome the challenges facing public finances. The basic principle is to maintain the sustainability of public finances.The Hong Kong Government has formulated a set of fiscal integration plans to sort out how to gradually restore the balance of income and expenditure, maintain a steady level of fiscal reserves, ensure that the government can continue to provide public services and promote economic development for the society, as well as in adversity or other emergency situations.At the time, there are sufficient space for introducing measures to assist citizens and enterprises.
Chen Maobo predicts that the business accounts and non -operating accounts will narrow year by year in the next five years.The accounts resumed their surplus in 2028 / 29th.
Looking forward to the next year, Chen Maobo predicts that the fiscal deficit of 2024/25 will narrow to HK $ 48.1 billion, and the fiscal reserves will be further reduced to 685.1 billion yuan.Chen Maobo explained that the surrounding environment is still complicated this year, and the income of the Hong Kong asset market still takes time to fully recover. In addition, the government's policy resources in people's livelihood are still large.Essence
