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CE resigns
2005-2006 Budget
announced
HK ranked world's
freest economy again
AsiaWorld-Expo -- A
grand success
Entertainment Expo
-- a new era
Canadian Film Talents an
impetus to HK
HK -- Your “Smart Link” to
China
HK plays pivotal
role in China’s Growth
HK-China integration
creates new chances
Calgary companies
urged to leverage CEPA
First HK-Shanghai
investment promotion
Philips Casts Vote of Confidence in HK
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In his annual Budget, the Financial Secretary of the Hong Kong Special Administrative Region Government, Mr. Henry Tang, has laid foundations to consolidate the current economic recovery through active promotion of social stability and economic development.
Mr. Tang also revealed that the government was well on the way to balancing its books. He said Hong Kong’s economy grew by 8.1% in real terms in 2004, the highest growth in four years, and well above the 20-year average of 4.8%. He forecast real GDP growth of 4.5% to 5.5% in 2005, with CPI inflation expected to be 1.5%.
He said a fiscal surplus of HK$12 billion (C$1.85 billion) would be achieved in 2004-05. But after discounting the proceeds from bond issuances, a deficit of HK$13.4 billion (C$2 billion) would remain.
Mr. Tang also revealed that operating expenditure for 2004-05 would be lower than the previous year’s – down to HK$201.2 billion (C$31 billion). This is the first time in over 50 years that operating expenditure has fallen.
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