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Cut deficit, create bold budget moves - Paul Chan's mission impossible?

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Hong Kong's government has been urged to push development forward by Beijing, but what does that entail in an era of belt-tightening? Hong Kong's finance chief is expected to deliver his budget speech on February 26 and is under mounting pressure to balance the books.
The article from MSN discusses the challenging task faced by Hong Kong's Financial Secretary, Paul Chan, as he prepares for the upcoming budget presentation. Amidst a backdrop of economic recovery, Chan is tasked with reducing the city's fiscal deficit, which has been exacerbated by years of spending on relief measures during economic downturns and health crises. The article highlights the need for "bold budget moves" to address the deficit, which includes potentially unpopular decisions like tax hikes or spending cuts. It also mentions the pressure to stimulate economic growth, support businesses, and maintain Hong Kong's competitiveness, all while managing public expectations and political sensitivities. The piece describes this balancing act as a "mission impossible," given the conflicting demands of fiscal responsibility and economic stimulus.

Read the Full MSN Article at:
[ https://www.msn.com/en-xl/money/economy/cut-deficit-create-bold-budget-moves-paul-chan-s-mission-impossible/ar-AA1ztCPT ]