Hong Kong finance minister sounds alarm over city’s financial stability as recurrent spending nears half a trillion dollars a year

Ballooning spending was pushing Hong Kong further into the red and new sources of income were needed to help balance the government’s books and reassure global markets that fiscal responsibility remained a top priority, finance chief Paul Chan Mo-po said on Sunday. In sounding the alarm over the city’s financial stability, Chan noted that recurrent spending had soared by 25 per cent over the past three financial years to hit an expected HK$486.6 billion (US$62.77 billion) in 2020-21.Further…

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