Hong Kong records HK$70.5 billion deficit in first 9 months of fiscal year

Hong Kong recorded a deficit of HK$70.5 billion in the first nine months of this fiscal year after accounting for HK$114.6 billion in government bond issuance and HK$10.6 billion in bond repayments. 

The overall expenditure stood at HK$524.2 billion, while revenue reached HK$349.7 billion.

A government spokesman explained that the deficit was primarily due to major revenues, such as salaries tax and profits tax, which will be collected later in the fiscal year. 

By the end of last December, fiscal reserves stood at HK$664.1 billion.

JUNE CHEN