the Hong Kong government will record a fiscal deficit of 38.3 billion yuan in FY 2019/20, the first deficit in 15 years
In addition, many revenues of the Hong Kong Government did not meet forecasts. For example, profits tax and salaries tax revenues were only 212.7 billion yuan, 8.4% lower than expected, and the overall stamp tax revenue was nearly 20% lower than expected, only 61.5 billion yuan. Land sales revenue was also more than 10% lower than the original estimate of 143 billion yuan, which was only 127.1 billion yuan.
The Hong Kong Government announced the new fiscal budget on February 26
Many political parties also suggested that the entire people send money to 10,000 yuan to each citizen. As the Hong Kong Government’s future expenditures continue to increase, aging, medical care and social welfare issues also require additional resources to deal with, so it is necessary to carefully consider sending money.
He confessed that if Hong Kong’s economic situation did not improve, he would not rule out a continued deficit in the next financial year.