Hong Kong to Tackle Deficit, Slower Economic Growth in Budget

Hong Kong officials this week will unveil plans on how they’ll solve the mounting challenges facing Asia’s financial capital — chief among them slower growth and the longest string of fiscal deficits in two decades.

Financial Secretary Paul Chan, who will deliver the city’s annual budget Wednesday, has already flagged a focus on reining in spending that helped push the budget deficit into the red for the third year in a row. The government is also considering tweaks to increase capital, from raising taxes on the highest earners to capping a transport subsidy for seniors and legalizing basketball sports betting.