09 Jan 2020
Hong Kong’s Finance Minister has stated that the government is set to take action in order to boost growth for the economy.
In an interview, Financial Secretary Paul Chan said that Hong Kong will be spending “boldly”.
The city’s budget will be announced on February 26th and will continue to show spending on public services as well as on infrastructure.
Speaking with Bloomberg, Mr Chan said "We will continue to spend boldly to help those disadvantaged."
Furthermore, he hinted at additional stimulus to be announced during the budget. “Given the large amount of fiscal surplus we've accumulated over the years I do think we have the capability and financial resources to help us come through this economic recession.”
Mr Chan also commented on the Hong Kong dollar's value compared to the U.S. dollar, which will imminently be discussed and speculated. The Finance Minister said, “We have no intention to review it.”
The International Monetary Fund noted a 1.2% drop in Hong Kong’s economy in 2019 and predicted a growth of 1% in the coming year.
The Finance Minister continued, “We have done our part and we encourage the private sector to work together and take a long-term view in terms of their business relations. But at the end of the day this is a market economy."