CNA Hong Kong’s budget expected to return to surplus after three years of deficits

Hong Kong is expected to return to a budget surplus of US$370 million, after deficits for the last three years. But Financial Secretary Paul Chan still called for fiscal prudence, mapping out long-term plans over short-term sweeteners in his budget speech. Hong Kong’s economy is forecast to grow up to 3.5% this year. This year, Hong Kong will formulate a Five-Year Plan to correspond with China’s 15th Five-Year Plan, which will be discussed in Beijing over the next two weeks. The city’s budget will align with the national agenda, where early proposals focus on emerging sectors such as tech, space and the low-altitude economy. Deborah Wong reports.

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