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2019-12 /03

HK bracing for 1st budget deficit since 2004

By OSWALD CHAN in Hong Kong | China Daily Global | Updated: 2019-12-03 00:00

The Hong Kong government is expected to record its first budget deficit in 15 years as the city's general economic environment has been impacted by social unrest as well as ongoing China-United States trade frictions.

"A budget deficit for fiscal year 2019-20 is expected due to an adverse economic environment, decreased tax revenues and lower land sale income, as well as relief measures announced during the year. The economy is forecast to contract 1.3 percent in calendar year 2019 from a year earlier," Financial Secretary Paul Chan Mo-po told lawmakers at a Legislative Council meeting on Monday.

Hong Kong's fiscal year ends on March 31 annually.

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