Hong Kong, September 20 (ANI): Hong Kong is anticipated to file its second worst deficit at greater than HK$100 billion ($12.74 billion) amid the continuing COVID-19 pandemic, Finance Secretary Paul Chan Mo-po stated in his latest weblog.
China Daily quoting Chan reported that the deficit would mark the second-highest ever, behind solely the HK$232.5 billion file in 2020, including that the quantity shall be even worse if it excludes the HK$35 billion raised by the issuing of Green Bonds this yr.
Writing on his weekly weblog, the Minister stated authorities earnings goes to fall brief whereas expenditure has risen.
“In fact, small to medium enterprises and workers are all facing different degrees of economic pressure. The same goes for the government’s financial income,” he wrote, in response to a neighborhood public broadcasting service in Hong Kong.
“Both the external economic momentum and conditions of local markets have encountered a strike by the pandemic and the tightened monetary policies of central banks,” he stated, as per the publication.
He additionally added that the financial state of affairs is anticipated to stay very difficult for the subsequent few quarters, with the important thing nonetheless hinging on whether or not the Covid epidemic is introduced additional beneath management.
Meanwhile, Hong Kong Chief Executive John Lee on Tuesday stated that his authorities supposed to make an announcement quickly on town’s controversial lodge quarantine coverage. “We know exactly where we should be heading and want to be consistent as we move in that direction. We would like to have an orderly opening up,” Lee advised reporters, as per Al Jazeera.
Since Hong Kong’s inhabitants peaked on the finish of 2019, the variety of residents aged beneath 20 has fallen by 97,000, with declines of 235,000 for these of their 20s to 30s and 84,000 for these of their 40s to 50s.
As the Chinese authorities tightens management over Hong Kong colleges, many households with kids are transferring to nations just like the UK and Canada in pursuit of extra freedom in schooling.
In an August report by the Hong Kong Investment Funds Association, 13 per cent of its members diminished their workforce in Hong Kong, whereas 35 per cent moved some or all of their Hong Kong operations elsewhere. Around 70 per cent stated it was “extremely difficult” to rent and retain international staff in Hong Kong, Asia Nikkei reported. (ANI)