Cut deficit, create bold budget moves – Paul Chan’s mission impossible?
Hong Kong's finance chief, Paul Chan Mo-po, is facing pressure to balance the budget, with Beijing urging bolder action and reforms. Xia Baolong, director of the Hong Kong and Macau Affairs Office, met with Chan and other ministers in Shenzhen, conveying a message to align with President Xi Jinping's directives for innovation and integration into national development strategies.
The meeting comes as Hong Kong grapples with a projected deficit of nearly HK$100 billion for the 2024-25 financial year, marking three consecutive years of operating losses. Chan has pledged to curb recurring expenses and prioritize public works, while Xia's directives are seen as an urgent call for the Hong Kong administration to implement innovative measures to address the deficit and promote long-term development.
via SCMP Full Text Feed
Hong Kong's finance chief, Paul Chan Mo-po, is facing pressure to balance the budget, with Beijing urging bolder action and reforms. Xia Baolong, director of the Hong Kong and Macau Affairs Office, met with Chan and other ministers in Shenzhen, conveying a message to align with President Xi Jinping's directives for innovation and integration into national development strategies.
The meeting comes as Hong Kong grapples with a projected deficit of nearly HK$100 billion for the 2024-25 financial year, marking three consecutive years of operating losses. Chan has pledged to curb recurring expenses and prioritize public works, while Xia's directives are seen as an urgent call for the Hong Kong administration to implement innovative measures to address the deficit and promote long-term development.
via SCMP Full Text Feed
