$100b deficit 'no big deal'

Jamie Liu and Ayra Wang

Wang Linggui, deputy director of the Hong Kong and Macau Affairs Office, has brushed off the nearly HK$100 billion fiscal deficit facing the government.

Wang also hinted at the multi-entry visa scheme being expanded to allow more mainland tourists to visit Hong Kong.

His comments came as the annual session of the Chinese People's Political Consultative Conference, the nation's top political advisory body, concluded yesterday.

Speaking to the media, Wang, who is a CPPCC member, said Hong Kong's economy is not weak compared to other developed economies, pointing to the city's GDP growth of more than 2 percent last year.

"A deficit of HK$100 billion is not a big deal for an economy as large as Hong Kong," Wang added.

Noting that Beijing rolled out some 100 measures benefitting Hong Kong, Wang signaled that there is more to come this year and beyond.

He is sure that the multi-entry visas, which currently apply only to Shenzhen residents, will be expanded to other cities in the future.

Qiu Hong, a former deputy director of Beijing's Liaison Office in Hong Kong, said the HK$100 billion deficit is a challenge on the city's path forward, but it can be overcome with unity among Hongkongers.

Businessman and CPPCC Standing Committee member Irons Sze Wing-wai said Hong Kong established a sterling reputation as an international financial center thanks to China's reform and opening up and the implementation of one country, two systems.

Sze said being global financial center has always been a "gold-lettered sign board" of Hong Kong, and its financial market is very attractive to mainland enterprises.

He also highlighted the city's status as an important shipping and trade hub in the world.

He said Hong Kong gained all these advantages from the country's opening up and progress in development, consolidated by one country, two systems.

"Hong Kong and the nation share a common destiny, and this is not an empty statement. The future of Hong Kong lies in resonating with the nation's trajectory," he said.

"Today, the nation has given Hong Kong a new strategic positioning, encouraging it to leverage its strengths to meet the country's needs. I firmly believe the 'Pearl of the Orient' will shine even brighter."

Other Hong Kong CPPCC members expressed full confidence in the development prospects of both the mainland and Hong Kong, calling on the city to assist the nation in taking a further step forward.

Another CPPCC member, Xiamen Airlines chairman Zhao Dong, said Hong Kong could serve as a strategic hub for the mainland's homemade aircraft C919 to enter international markets.

The narrow-body passenger jet manufactured by the state-owned Commercial Aircraft Corporation of China is actively pursuing overseas certifications, including from the European Union Aviation Safety Agency, as part of its global expansion.

Zhao said it is "only a matter of time" for the C919 to establish a foothold in foreign markets.

"The technology of domestically produced aircraft and engines is improving, but it will require more time to break into international markets and obtain certifications from other countries," Zhao said.

Li Yangmin, former general manager of China Eastern Airlines and a CPPCC member, said 14 C919 aircraft had been delivered since 2022, carrying over one million passengers by the end of last year.