Hong Kong finance minister lays out plan to maintain or even boost public spending in next month’s budget, despite mammoth deficit

Hong Kong’s financial chief has revealed he plans to maintain or even increase levels of public spending in the forthcoming budget to protect livelihoods during the economic downturn, despite the heavy strain on government funds.Paul Chan Mo-po said on Sunday he would deliver a “countercyclical fiscal policy” in his February 24 speech, an approach favouring higher spending and lower taxes in a recession.The city’s financial reserves have shrunk 30 per cent to HK$800 billion (US$103.1 billion)…

Read the original article at South China Morning Post