India, Feb. 26 -- Hong Kong Financial Secretary Paul Chan unveiled the budget on Wednesday that largely focused on government spending cuts with minimal impact on people's livelihood and underscored the importance of artificial intelligence to enhance competitive edge.
The government estimated a consolidated deficit of HK$87.2 billion for 2024-25, which was smaller than the HK$100 billion shortfall projected previously. The deficit is forecast to fall to HK$67 billion in 2025-26.
"I propose a "reinforced version" of the fiscal consolidation program, including a cumulative reduction of government recurrent expenditure by seven percent from now through 2027-28," Chan said in his budget speech.
"While laying a sustainable fiscal foundation ...