HONG KONG, Feb. 22 (Xinhua) — The Hong Kong Special Administrative Region (HKSAR) will take a \”moderately liberal\” fiscal stance in the new financial year, said Paul Chan, financial secretary of the HKSAR government Wednesday while delivering the 2023-24 budget.
The stance will lead to a deficit budget, Chan said, adding that more than 80 percent of the resources involved for the budget initiatives will benefit the general public and small and medium-sized enterprises.
The HKSAR government has been adopting an expansionary fiscal policy during the COVID-19 pandemic, accumulating a \”fairly high\” fiscal deficit over the past three years.