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<Budget>Paul Chan: Fiscal Reserves Expected to Add to $700B by FY2030/31
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The HK Government has released a new fiscal budget, in which Financial Secretary Paul Chan stated that the Government set the target last year of attaining surpluses in the Operating Account from 2026-27 onwards and the Consolidated Account in 2028-29 respectively. Over the past year, the Government has been fully committed to implementing the fiscal consolidation programme. As a result of the robust stock market and an accelerated economic growth, revenue from stamp duties and profits tax has increased by nearly $50 billion in total compared to the original estimate. In 2025-26, the Operating Account will return to a surplus ahead of schedule, while the Consolidated Account will be broadly balanced after taking into account the net proceeds from bond issuance. In the medium term, the Operating Account will register a surplus throughout the period from 2026-27 to 2030-2031. The Capital Account will nevertheless still record a deficit annually, mainly due to a high level of capital works expenditure. As infrastructure projects are an investment in Hong Kong's future, the government will meet the financing needs by suitably increasing bond issuance. During the period, fiscal reserves are expected to gradually increase to over $700 billion. AASTOCKS Financial News Website: www.aastocks.com |
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