Hong Kong hits budget deficit for the first time in 15 years
The Hong Kong government has forecasted that this year will be a fiscal deficit for the first time in 15 years, as retail sales and tourism have been hit by a protest that lasted nearly half a year and tax revenues fell.
The Hong Kong government announced the financial situation for one year until March next year, and initially it was planned to become a surplus of HK $ 16.8 billion and over 200 billion yen in the Japanese yen, but it will eventually become a budget deficit I showed the prospect.
This is the first time in 15 years since 2004 when the new pneumonia “SARS” prevailed in Hong Kong and the number of tourists drastically decreased.
This is due to the impact of the US-China trade friction, resulting in a slowdown in economic growth, such as a drop in exports. In addition, the number of tourists in the mainland of China has decreased due to the protests that have continued since June. The main factor was a decline in corporate and other corporate tax revenues.
In addition, urgent economic support measures, such as subsidies for affected industries, have been impacted by spending.
Under these circumstances, in a park in the center of Hong Kong Island, a rally was held to call on the government for economic pressure for two days. I was looking for.
A man in his twenties said, “Strikes are an effective way to put economic pressure on the Hong Kong government. It was the government, not us, that created the cause.”
While protests continued near half a year in Hong Kong, have widespread economic impact, prospects for convergence does not stand.