Hong Kong’s Paul Chan says he plans to adopt ‘balanced measures’ in budget to boost public confidence, economic vitality
- Finance chief also says world economy in fragile state amid period of complex geopolitics, after returning from World Economic Forum in Davos
- ‘When preparing for the new budget … we will try our best to introduce appropriate and balanced measures while fully taking into account the public financial situation,’ he says
Hong Kong’s finance chief has said he plans to adopt “balanced measures” for his coming budget that will maintain economic vitality and strengthen public confidence, as the city grapples with short-term challenges caused by external headwinds.
Fresh from the World Economic Forum in Davos, Switzerland, Financial Secretary Paul Chan Mo-po on Sunday said the world economy was in a fragile state amid a period of complex geopolitics, with most business leaders at the annual summit expressing a negative outlook about the next two years.
“It is true that in the face of various external uncertainties, Hong Kong, as a small and fully open economy, will inevitably face certain challenges in the short term,” the minister wrote in his weekly blog.
“When preparing for the new budget … we will try our best to introduce appropriate and balanced measures while fully taking into account the public financial situation, striving to maintain Hong Kong’s economic vitality while strengthening public confidence in the economy.”
Chan will unveil his latest budget on February 28. He last month warned that the deficit was expected to exceed HK$100 billion (US$12.7 billion), nearly twice as much as his estimate from last February.
