Lam: Hong Kong's deficit could rise up to $40 billion

Tuesday, 24. November 2020 07:46

Hong Kong Chief Executive Carrie Lam announced on Tuesday the regional government would need to introduce new measures of saving finances amid the economic crisis caused by the coronavirus pandemic to avoid the rise in deficit to up to HK$310 billion, or $40 billion.

"Public finances are extremely tight, and through this year's budget and three rounds of the anti-epidemic fund [initiatives], we have used HK$310 billion [to combat the crisis]. This year's deficit could be as high as that too," she said. "So many new policies will be done through reforms or simplifying. We aim to provide better public services without using extra resources."

Lam recently described the development of Hong Kong's Greater Bay Area as the key to the region's economic recovery and noted the importance of "developing and promoting the application of technology" for its rebound.

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Breaking the News / JR