Hong Kong Braces for Growth Risks With 10,000 Civil Job Cuts
Hong Kong’s budget shortfall for the current fiscal year ending March is expected to approach HK$100 billion (US$12.8 billion).
Photographer: Paul Yeung/Bloomberg
This article is for subscribers only.
The Hong Kong government will shrink its workforce and accelerate a plan for economic integration with China, as the city seeks new growth drivers to combat geopolitical uncertainty and a property downturn.
Financial Secretary Paul Chan on Wednesday laid out a blueprint to trim regular spending, including by cutting 10,000 civil servant jobs and freezing government workers’ pay. But he vowed to boost support for the Northern Metropolis, a mega infrastructure project aiming to create a cross-border tech hub.