Hong Kong is under pressure to rein in spending when it unveils its annual budget, after racking up huge fiscal deficits during the COVID pandemic and as it struggles to kick-start the economy and regain its financial luster
PWC estimates a budget deficit of HK$109 billion for 2022/23. That compares with a shortfall of HK$56.3 billion or 1.9% of GDP, projected by the government in its budget last year.
"Even though the government is under tremendous pressure to reduce public expenditure, it may not be appropriate to abolish relief measures across the board," he added. Since China's imposition of a sweeping national security law in 2020 that markedly curbed individual freedoms, hundreds of thousands of Hong Kongers have emigrated abroad, bringing further uncertainty and longer-term economic pressures on Hong Kong's regional competitiveness.
Home prices fell 15.6% last year after more than a decade of red-hot price increases in one of the world's priciest property markets.for the fourth straight quarter in the final three months of 2022, contracting an annual 4.2%, worse than economists' estimates as sluggish global demand and higher interest rates hit exports and spending.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Berlin: Filmmaker Johnnie To’s Remarks About Totalitarianism Strike Chord in Hong Kong'When totalitarian rule emerges, when people lose their freedoms, cinema is the first to take the hit,' To said at a Berlin International Film Festival press conference.
Lire la suite »
Hong Kong outlines upcoming crypto licensing regimeHong Kong's securities watchdog calls for public consultation over the upcoming licensing regime for crypto exchanges and service providers.
Lire la suite »
Hong Kong Proposes Rules for Crypto Trading PlatformsHong Kong's securities regulator is seeking public views on its proposed rules for crypto trading platforms – including whether retail investors should be allowed to trade digital assets via licensed platforms. iamsandali reports.
Lire la suite »
Hong Kong plans to lift ban on retail crypto tradingHong Kong traders may only be able to trade tokens with the largest market cap, and companies may be forced to close if they don’t meet regulatory requirements.
Lire la suite »
Huobi Token (HT) up 18% as Huobi Goes for Crypto Trading License in Hong KongHuobi Token $HT up 18% as Huobi will launch new licensed exchange in Hong Kong huobi ht huobitoken huobiglobal justinsun hongkong china cryptonews trx trondao
Lire la suite »
Huobi crypto exchange aims to expand to Hong Kong amid regulatory changesThe Singapore-based cryptocurrency exchange Huobi has announced that it is looking at expanding operations in Hong Kong, where regulatory reforms are underway.
Lire la suite »