Hong Kong’s Budget: The Music Stops

Government can’t wean itself from land sales

Hong Kong, once famous for its budget surpluses, is set to have another HK$100 billion (US$12.77 billion) deficit for the fiscal year beginning April 2024. This would make three out of four recent years of such HK$100 billion-plus deficits. Three of these could reasonably be attributed to the impact of the pandemic and the need for economic stimulus ove…