hong-kongs-embarrassing-riches

Hong KongÆs embarrassing riches

The Hong Kong government announces a $14.8 billion budget surplus raising questions about its lack of spending on health and social welfare.
Hong KongÆs financial secretary, John Tsang, had an embarrassment of riches on offer in his first budget announcement yesterday when he reported a massive surplus of HK$115.6 billion $14.8 billion compared with the original estimate of HK$25.4 billion.

This he said was due to Hong KongÆs robust economic growth of 6.3% over the year. This translated into HK$56.5 billion more than expected in operating revenue and HK$33.8 billion more in capital revenue, largely as a result of higher salaries and profits tax, and higher stamp duty from booming stock and property markets.

Looking ahead Tsang foresees slower GDP growth in 2008 of 4%-5% and inflation at around 4.5%, though he expects...
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