On January 8 2003 the Chief Executive of the Hong Kong Special Administrative Region, Tung Chee Hwa, delivered his policy address. He foresaw that the Hong Kong government US deficit for the fiscal year 2002-03 might exceed HK$70 billion ($9 billion). The government will adopt a three-pronged approach to eliminate the deficit and arrive at a balanced budget in 2006-07. They are boosting economic growth, cutting public expenditure and raising revenue.
February 01 2003