Hong Kong to adopt "moderately liberal" fiscal stance in new budget

HONG KONG, Feb. 22 (Xinhua) -- The Hong Kong Special Administrative Region (HKSAR) will take a "moderately liberal" fiscal stance in the new financial year, said Paul Chan, financial secretary of the HKSAR government Wednesday while delivering the 2023-24 budget.

The stance will lead to a deficit budget, Chan said, adding that more than 80 percent of the resources involved for the budget initiatives will benefit the general public and small and medium-sized enterprises.

The HKSAR government has been adopting an expansionary fiscal policy during the COVID-19 pandemic, accumulating a "fairly high" fiscal deficit over the past three years.