First August surpluses full-year budget

As land sales and stamp duty income far exceeded expectations for the current year (April 2017 to March 2018), the Financial Secretary, Chen Mao-bo, once again showed that it is estimated that the government surplus will be very high this year. Earlier published blogs by Chen Maopo have revealed that the first eight months of this fiscal year (as of the end of November last year) saw the government’s consolidated surpluses reaching 57.2 billion yuan, higher than the forecast of the full-year surplus of 16.3 billion yuan at the beginning of last year. As for how much will eventually exceed the full year, it is to be revealed.

In his budget statement published last year, Mr Chan has estimated a surplus of $ 92.8 billion for the previous year (April 2016 to March 2017). As reported by the government at the end of last year, based on accrual basis, the consolidated accounts of the previous year recorded a cash surplus of $ 111.1 billion.