Financial Secretary Chen Maobo said that the financial situation in this financial year will be worse than expected It is estimated that there will be a deficit of up to 100 billion yuan, which is much higher than the 56.3 billion yuan estimated in the budget, and the fiscal reserve will further decrease to about 800 billion yuan. level, which is equivalent to 11 months of government spending.
Chen Maobo expressed in a committee of the Legislative Council that the government, in the face of deficits, an unfavorable economic environment, and limited financial resources, will allocate financial resources for necessary work, and at the same time it must adhere to prudent financial principles. management, living within our means, and “doing what we should” in principle.
He also said that there is a need to actively seek new growth points, increase income, and promote the continued recovery of the Hong Kong economy.
