Hong Kong to adopt fiscal consolidation strategy in new budget

HONG KONG, Feb. 28 (Xinhua) -- The Hong Kong Special Administrative Region (HKSAR) will take a fiscal consolidation strategy in the new financial year, said Paul Chan, financial secretary of the HKSAR government while delivering the 2024-25 budget on Wednesday.

Chan said the decision was made upon a full and thorough evaluation, and it is aimed to narrow Hong Kong's fiscal deficit progressively towards achieving the goal of restoring fiscal balance.