Long-term gains worthwhile, Paul Chan says as Hongkongers slam lack of budget sweeteners

Hong Kong's Financial Secretary Paul Chan Mo-po defended his latest budget against criticism over the lack of sweeteners, stating that the government must balance its finances with long-term investments for the city's benefit. The proposed HK$150 billion transfer from the Exchange Fund to support infrastructure projects was announced in the budget. Credit-rating agencies and the International Monetary Fund will be briefed on the budget next month by Chan. Critics expressed disappointment over the limited public support, citing a lack of money or consumption vouchers. However, Chan explained that alternative approaches were taken, including increasing tax allowances and offering tax reductions. The government held an annual consultation to gather feedback from residents, which was criticized as being ineffective.

Explore how the topics in this article connect to other news stories

Discover articles with similar content using semantic similarity analysis.