Hong Kong is set for back-to-back deficits but will give cash handouts and ease stamp duties for first time property buyers, to support an economy buffeted by prolonged COVID-19 restrictions, the city announced in its budget on Wednesday.
The sustainability of Hong Kong's fiscal reserves, however, remains a concern after authorities spent more than HK$600 billion containing the spread of COVID-19 and providing economic relief for businesses and families struggling with pandemic restrictions.
Hong Kong usually runs balanced budgets or surpluses, since its pegged currency system commits it to fiscal prudence.Since China's imposition of a sweeping national security law in 2020 that critics say markedly curbed individual freedoms, hundreds of thousands of residents have moved away, bringing further uncertainty and longer-term economic pressures on Hong Kong's regional competitiveness.
However, Chan said the opening of China's border would alleviate some pressure with business and logistics links normalising after the lockdowns. He cited a speech by China's leader Xi Jinping, urging Hong Kong to "break new ground and achieve another leap forward" in the next five years, despite economic, social and political upheavals.
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