Hong Kong reinforces fiscal consolidation in new budget

HONG KONG, Feb. 26 (Xinhua) -- The Hong Kong Special Administrative Region (HKSAR) will carry out the "reinforced version" of a fiscal consolidation program in the new financial year, said Paul Chan, financial secretary of the HKSAR government, while delivering the 2025-26 budget on Wednesday.

Chan said the approach will include a cumulative reduction of government recurrent expenditure by 7 percent from now through 2027-28.