HK to post record high fiscal deficit this year

Hong Kong will post a deficit of a record high for this fiscal year, said Financial Secretary Antony Leung. Leung said the government has no plan to postpone levying this year's pre-paid tax to next year as this will result in a huge fiscal deficit, risking a potential downgrade by overseas credit rating agencies. The proposal also means creating even greater burdens for taxpayers next year, he said. He also said the government would consider withdrawing the currency peg with the greenback when time is appropriate. Hong Kong needs its own currency policy and there is no currency policy that won't ever need any changes, he said.

Related stock : (NIL)