HK Finance Chief Punts Target on Restoring Surplus to Decade End
- The city needs more years to restore fiscal balance, Chan says
- Government previously saw return to black in next fiscal year
Paul Chan
Photographer: Anthony Kwan/BloombergThis article is for subscribers only.
Hong Kong Financial Secretary Paul Chan backpedaled on projections the city would return to a surplus in the next fiscal year, as the Asian hub grapples with a ballooning deficit during a broad economic slowdown.
The city’s efforts to restore a balanced budget could now take until the back end of the decade, given the need to boost the economy and improve people’s livelihoods, Chan told city broadcaster RTHK on Saturday.