Hong Kong surplus hits HK$11 billion as finance chief ‘monitors’ Mideast war

Hong Kong's fiscal surplus surges to HK$11 billion, nearly quadrupling initial estimates, as finance chief downplays Middle East conflict impact on strong first-quarter GDP growth. | Contesto: cronaca

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• Hong Kong surplus hits HK$11 billion as finance chief ‘monitors’ Mideast war

Contesto

Hong Kong’s financial secretary has revised the city’s fiscal surplus for the previous financial year to HK$11 billion (US$1.91 billion), nearly four times the original estimate, signaling a stronger-than-expected economic performance despite ongoing global uncertainties. Financial Secretary Paul Chan Mo-po announced the updated figures on Monday, attributing the sharp upward revision to robust revenue collection and a resilient economy. The original surplus estimate had been significantly lower, but stronger-than-anticipated tax receipts and land sales contributed to the HK$8 billion boost. Chan noted that the city’s gross domestic product (GDP) growth remained strong in the first quarter of this year, helping to offset any spillover effects from the prolonged Middle East conflict. “The impact of the Middle East situation on Hong Kong’s economy has been limited so far,” Chan said, while adding that his team continues to monitor developments closely. The conflict, which has disrupted global supply chains and fueled inflationary pressures in some regions, has not derailed Hong Kong’s recovery momentum, according to the finance chief. The city’s economy has been gradually rebounding after years of pandemic-related disruptions and political turmoil. The surplus revision comes as Hong Kong pushes ahead with the ambitious Northern Metropolis megaproject, a sprawling development plan aimed at creating a new economic and residential hub in the city’s northern New Territories. To fund the massive infrastructure initiative, the government has increasingly turned to bond issuance, raising concerns among some lawmakers and analysts about the long-term debt burden on future generations. Chan dismissed such concerns as “overly pessimistic,” arguing that the bonds would finance productive assets that generate future returns. He emphasized that Hong Kong’s fiscal position remains healthy, with low public debt levels relative to GDP. The government, he said, has a clear repayment plan and will maintain fiscal discipline even as it borrows to invest in long-term growth. The strong surplus and upbeat economic data have bolstered confidence in Hong Kong’s financial resilience,...

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Categoria: cronaca