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Last updated at: (Beijing Time) Wednesday, March 06, 2002

HK Expects 214.6 Billion HKDs in Total Revenue for New Fiscal Year

Hong Kong is expecting a total revenue of 214.6 billion HK dollars (27.5 billion U.S. dollars) for 2002-03 and the total expenditure is estimated at 259.8 billion HK dollars (33.3 billion dollars), Hong Kong Financial Secretary Antony Leung said in his budget speech Wednesday.


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Hong Kong is expecting a total revenue of 214.6 billion HK dollars (27.5 billion U.S. dollars) for 2002-03 and the total expenditure is estimated at 259.8 billion HK dollars (33.3 billion dollars), Hong Kong Financial Secretary Antony Leung said in his budget speech Wednesday.

Meanwhile, he said the consolidated deficit will be 45.2 billion HK dollars (5.8 billion dollars), equivalent to 3.6 percent of the GDP, and the operating deficit will be 62.0 billion HK dollars (7.9 billion dollars) before, and 49.3 billion HK dollars (6.3 billion dollars) after, inclusion of investment income from the fiscal reserves.

The financial secretary said that on March 31, 2003, the fiscal reserves are forecast to be 325.6 billion HK dollars (41.7 billion dollars), equivalent to 15 months of government expenditure.

He also vowed to achieve operating and consolidated balances in 2006-07, at which time the fiscal reserves are forecast to be 271. 2 billion HK dollars (34.8 billion dollars), equivalent to 12 months of government expenditure.





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