People take photographs with their mobile handsets on the Tsim Sha Tsui promenade as the Hong Kong skyline stands across Victoria Harbor in Hong Kong, in Hong Kong, China. He introduced a raft of … A promising rally in retail spending through the first half of the year has almost entirely evaporated. Both of those factors have shrunk the fiscal surplus available to Chan to a figure likely below HK$60 billion ($7.6 billion), down from HK$149 billion last year. Census and Statistics Department, Hong Kong, Hong Kong Private Sector Grows for 3rd Month, Hong Kong Retail Sales Extend Gains in March, Hong Kong GDP Growth Quickens to 18-Year High, Hong Kong Inflation Rate Inches Higher in March, Hong Kong Business Sentiment Stabilizes in Q2, Colombia Consumer Confidence Plunges to 2nd All-Time Low, FTSE 100 Posts Worst Session Since February, Spanish Stocks Fall from Near 15-Month High, Israel State of the Economy Index Rises in March, Brazilian Real Almost Steady at 4-Month High. A surplus of $58.7 billion is expected for 2018/19 and fiscal reserves to reach $1,162 billion by 31 March 2019. USA. After seven consecutive years of budget surplus, the Hong Kong Government held a record HK$579 billion in reserve during the 2011 financial year. Financial Secretary Henry Tang said March 15 that Hong Kong had posted its first budget surplus in five years as the economy bounced back strongly in 2004 with growth of 8.1%. A budget deficit occurs when an government spends more money than it takes in. The world’s most expensive property values have trailed off as borrowing costs rose in the wake of the Federal Reserve’s hikes. That will also drag the 2018 expansion to the low end of the 3 to 4 percent growth forecast by the government. the fiscal surplus for 2018-19 to introduce one-off measures to support enterprises and relieve people’s burden. The economy has slowed as the trading hub found itself wedged between the U.S.-China standoff and the property market has come off its record highs. Eric Lam, Bloomberg News. Hong Kong dollar bills are displayed for a photograph in Hong Kong, China. Jeremy Choi, Hong Kong tax partner with accounting firm PwC, said his firm now projects a full-year surplus of HK$50 billion to HK$60 billion, or roughly a third of the surplus from a year ago, blamed to a large degree on lower revenue from property transactions and stamp duties. As with all cities, accommodation is never something you can really get around; cities are always expensive and Hong Kong is no exception. Hong Kong posted a $2.74 billion fiscal-year budget surplus, much wider than the government's forecast, helped by proceeds of a bond issue. Even the stock market failed to cooperate last year, as the benchmark Hang Seng Index stumbled to its worst annual loss since 2011. Under pressure to use the money to do more for the elderly and the poor, Financial Secretary John Tsang announced in the 2011–2012 budget on 23 February 2011 a scheme modelled from the 2008–2009 financial year, whereby HK$6,000 were to be … Last year’s HKD 138 billion (USD 17.6 billion) fiscal surplus, which left the government’s forecast of a HKD 16.3 billion (USD 2.1 billion) surplus in the dust, was due in large part to an unexpected surge in stamp duty and land premium revenues stemming from massive gains in the booming asset and property markets, respectively. The final figure will be released on Wednesday. 2 1932 AND 2 1933 HONG KONG SILVER 5... $54.99 USD. The economy will grow by 2 percent to 3 percent, Hong Kong Financial Secretary Paul Chan said, after the 3 percent pace in 2018. Download historical data for 20 million indicators using your browser. Posted in Hong Kong Hong Kong budget fails to share bumper surplus with the needy, protesters say by Catherine Lai 14:29, 5 March 2018 21:56, 31 March 2020. Accommodation in Hong Kong. Posted in Business, Hong Kong, Politics & Protest, Video Budget 2018 In Full: Hong Kong announces surplus of HK$138 billion This is due to higher than expected revenues from land sales and stamp duties. This page provides - Hong Kong Government Budget Value - actual values, … Hong Kong's dilemma is different from that in most other places: it has too much money, rather that not enough. “We still have a decent reserve after this year, but we have to use our reserve wisely and appropriately,” Choi said. Fourth-quarter gross domestic product is also scheduled to be announced the same day, with a median estimate of 2.3 percent growth according to a Bloomberg survey of economists. These budget surpluses come largely from property gains off … The opposite of a budget deficit is a budget surplus. Hong Kong usually runs balanced budgets or surpluses, since its pegged currency system commits it to fiscal prudence. 1976-2020 Data | 2021-2023 Forecast | Historical. Hong Kong Government Budget Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). With less to go around, Choi suggests the government focus on investments in long-term growth, such as a more comprehensive tax incentive framework to attract high-tech companies from overseas and the mainland, in a highly competitive environment. (Photographer: Jerome Favre/Bloomberg News), Missing BloombergQuint's WhatsApp service? KPMG forecasts that the Hong Kong SAR Government will record a consolidated budget surplus of HKD77 billion for the fiscal year 2016/17, exceeding the government’s initial estimate of HKD11.4 billion. This surplus far exceeds the Government’s original estimate of HK$9.1 billion announced in February 2014,” said Mrs. Jennifer HY Wong, Co-Convenor of … For 2010/2011, Hong Kong reported a surplus… The Hong Kong budget, delivered by Financial Secretary Paul MP Chan FCPA on 28 February, announces a surplus of HK$138 billion for 2017-18. Hong Kong’s government riches sits uncomfortably alongside a growing wealth divide. Hong Kong posted a provisional budget surplus of HK$138 billion ($17.63 billion) for the 2017-18 financial year and expects an overall surplus over the next five years, Chan said. The surplus announced in Hong Kong’s budget will be used to improve livelihood of residents, diversify the economy through a large funding boost to innovation and technology, and increase support to small-and-medium enterprises (SMEs). Hong Kong recorded a government budget surplus of 2708 HKD Million in the fourth quarter of 2020. We wholeheartedly believe that anyone who doesn’t visit here is missing the opportunity to see a different side to China, unlike anywhere else. Key objectives. We stayed in a Seaview room and it was comfortable and clean with basic … 1925 1c HONG KONG One Cent Bronze... $95.00 USD. USA - Hong Kong 1905 H Edward VII One Cent. Analysts said revenue from land sales and property transactions, thanks to a frothy real estate market, helped swell the city's finances. It’s a beautiful city with so much to offer, and its often overlooked by backpackers. Hong Kong’s government riches sits uncomfortably alongside a growing wealth divide. The Hong Kong government slashed taxes in a bid to stimulate investment and keep the territory's economy competitive, as it posted a record budget surplus nearly five times as … Hong Kong recorded a government budget surplus of 2708 HKD Million in the fourth quarter of 2020. source: Census and Statistics Department, Hong Kong. The economy also expanded 3.8 percent in 2017 - the fastest in six years - boosted by a buoyant property market, improved tourism and financial services. Given all that, the government's budget surplus is very likely to hit a record high this year. (Bloomberg) -- Hong Kong’s Financial Secretary Paul Chan will have a much smaller pile of cash to distribute than last year when he presents the annual budget Wednesday, and a longer list of problems to address. The increase is mainly driven by higher-than-expected revenues from land sales. Together with the stimulus effect of other measures in the Budget, I forecast economic growth of two to three per cent in real terms for Hong Kong in 2019. Read: Hong Kong finance chief welcomes ‘orderly’ home-price declines. Hong Kong Retail Sales Wilt as China Tourists Keep Wallets Shut. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. “The Hong Kong budget surplus is expected to hit HK$36.9 billion in the fiscal year 2014/15, after (1) transfer of the HK$27 billion investment income to the newly set up Housing Reserve Fund and (2) government bond redemption of HK$9.8 billion. Zarathustra W., Also Sprach Analyst 2011-02-24T19:52:35Z The letter F. An envelope. Issue 90 - 27 February 2019. See all. Hong Kong Budget Sees Sustained Softening of Public Finances Wed 26 Feb, 2020 - 11:13 PM ET Fitch Ratings-Hong Kong-26 February 2020: The considerable weakening of Hong Kong's medium-term fiscal position - as outlined in the budget delivered on 26 February - is unlikely by itself to put downward pressure on the territory's rating, given its large fiscal reserve, says Fitch Ratings. The surplus will be used to fund tax relief for individuals and business, and boost infrastructure, innovation, education and community services. Last year’s unexpectedly large windfall has given … In 2018, the annual growth rate of the gross surplus of the information and communication technology sector in Hong Kong was 3.3 percent. Often touted as the world’s freest economy, Hong Kong is in the midst of its own sort of economic recovery as it works to double its 1.4% GDP growth from 2012. The surplus will be used to fund tax relief for individuals and business, and boost infrastructure, innovation, education and community services. Hong Kong Faces Huge Budget Surplus The government's $13.5 billion surplus is expected to lead to one-time tax cuts and grants, but few general tax reductions January 18, 2008, 12:07 PM EST Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po, delivered the 2019/20 budget speech this morning. USA. What’s most important is sticking to hostels, as I’m sure you are already doing as a backpacker. Following the lead of rival Asian financial center Singapore, Hong Kong will also taper its budget deficit to HK$101.6 billion — or 3.6% of gross domestic product — from HK$257.6 billion. $95.00 USD. Hong Kong / Hong Kong economy Hong Kong budget 2017 as it happened: Paul Chan announces HK$92 billion surplus Fiscal reserves estimated to hit HK$952 billion by March 2018 Last revision date: February 25, 2020 Last revision date: February 28, 2020 Looking at the numbers, the Financial Secretary’s estimate of Hong Kong’s fiscal surplus for 2017-18 of HKD 16.3 billion in last year’s budget was significantly lower than the … HONG KONG (BLOOMBERG) - Hong Kong's Financial Secretary Paul Chan will have a much smaller pile of cash to distribute than last year when he presents the annual budget … On 26 February 2020, Financial Secretary Paul Chan Mo-po presented his fourth budget speech against the backdrop of a significant budget deficit for the first time in 15 years, as well as uncertainty over the city’s economic downturn due to the coronavirus outbreak. Hit a record high this year than this budget surplus of $ 58.7 billion expected! 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