Both of those factors have shrunk the fiscal surplus available to Chan to a figure likely below HK$60 billion ($7.6 billion), down from HK$149 billion last year. The surplus announced in Hong Kong’s budget will be used to improve livelihood of residents, diversify the economy through a large funding boost to innovation and technology, and increase support to small-and-medium enterprises (SMEs). KPMG forecasts that the Hong Kong SAR Government will record a consolidated budget surplus of HKD77 billion for the fiscal year 2016/17, exceeding the government’s initial estimate of HKD11.4 billion. With less to go around, Choi suggests the government focus on investments in long-term growth, such as a more comprehensive tax incentive framework to attract high-tech companies from overseas and the mainland, in a highly competitive environment. Tang forecast a budget surplus of 12 billion Hong Kong dollars ($1.54 billion) in the year to March 31 … This year, items trailed in advance of the budget include Chan’s plan to spend HK$5 billion on a face-lift for the city’s harbor area, and another HK$500 million to upgrade Hong Kong’s public toilets, the South China Morning Post reported. The economy has slowed as the trading hub found itself wedged between the U.S.-China standoff and the property market has come off its record highs. 1925 1c HONG KONG One Cent Bronze... $95.00 USD. Forty percent of the surplus would be spent on relief measures while the remaining would be spent on improving public services and the future. Hong Kong recorded a government budget surplus of 2708 HKD Million in the fourth quarter of 2020. source: Census and Statistics Department, Hong Kong. Hong Kong budget 2019: surplus expected to shrink to HK$16.8 billion but overall reserves hit new high of HK$1.22 trillion Financial Secretary Paul Chan presented his budget on Wednesday morning He announced HK$150 billion worth of initiatives and funding in two-hour speech Hong Kong posted a $2.74 billion fiscal-year budget surplus, much wider than the government's forecast, helped by proceeds of a bond issue. Zarathustra W., Also Sprach Analyst 2011-02-24T19:52:35Z The letter F. An envelope. Accommodation in Hong Kong. USA. The Trading Economics Application Programming Interface (API) provides direct access to our data. 2 1932 AND 2 1933 HONG KONG SILVER 5... $54.99 USD. 1976-2020 Data | 2021-2023 Forecast | Historical. He introduced a raft of … (Bloomberg) -- Hong Kong’s Financial Secretary Paul Chan will have a much smaller pile of cash to distribute than last year when he presents the annual budget Wednesday, and a longer list of problems to address. Economic growth, which spiked to a seven-year high of 4.6 percent from a year earlier in the first quarter, has since slipped to 2.9 percent in the third. Download historical data for 20 million indicators using your browser. The world’s most expensive property values have trailed off as borrowing costs rose in the wake of the Federal Reserve’s hikes. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. Hong Kong’s government riches sits uncomfortably alongside a growing wealth divide. Hong Kong posted a $2.74 billion fiscal-year budget surplus, much wider than the government's forecast, helped by proceeds of a bond issue. Hong Kong Faces Huge Budget Surplus The government's $13.5 billion surplus is expected to lead to one-time tax cuts and grants, but few general tax reductions January 18, 2008, 12:07 PM EST Hong Kong dollar bills are displayed for a photograph in Hong Kong, China. Solo travellers might find themselves spending a little less than this. price/night: $98 6.9 Review score 814 reviews No-frills place at a very affordable price right by the ocean. That’s roughly in line with the government’s projection of HK$1.14 trillion, according to a December budget consultation document. Financial Secretary Paul Chan said the business hub had amassed a HK$138 billion ($17.7 billion) budget surplus and he wanted to "share the fruits of our … BUDGET * Forecasts 2015/16 provisional budget surplus of HK$30 bln (govt forecast HK$36.8 bln) * Forecasts 2016/17 consolidated budget surplus of HK$11 bln * … A promising rally in retail spending through the first half of the year has almost entirely evaporated. Chan will present his budget on Feb. 27. The increase is mainly driven by higher-than-expected revenues from land sales. The economy has slowed as the trading hub found itself wedged between the U.S. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. Fourth-quarter gross domestic product is also scheduled to be announced the same day, with a median estimate of 2.3 percent growth according to a Bloomberg survey of economists. Key objectives. Posted in Business, Hong Kong, Politics & Protest, Video Budget 2018 In Full: Hong Kong announces surplus of HK$138 billion Hong Kong unveiled new plans to invest in technology and return funds to the public on Wednesday, as the city finds itself swimming in cash thanks to red-hot property and financial services markets. See all. Direct access to our calendar releases and historical data. … This page provides - Hong Kong Government Budget Value - actual values, … Often touted as the world’s freest economy, Hong Kong is in the midst of its own sort of economic recovery as it works to double its 1.4% GDP growth from 2012. Hong Kong’s government riches sits uncomfortably alongside a growing wealth divide. Join our, Hong Kong finance chief welcomes ‘orderly’ home-price declines, China plan to integrate Hong Kong, Macau skirts tough questions. Looking at the numbers, the Financial Secretary’s estimate of Hong Kong’s fiscal surplus for 2017-18 of HKD 16.3 billion in last year’s budget was significantly lower than the … “The situation is not optimistic,” Chan said in the post, highlighting the government’s first-quarter business tendency survey that shows 21 percent of responding companies expect their business situation to be worse in the first quarter of 2019, compared with only 9 percent expecting it to be better. The Hong Kong budget, delivered by Financial Secretary Paul MP Chan FCPA on 28 February, announces a surplus of HK$138 billion for 2017-18. $95.00 USD. Jeremy Choi, Hong Kong tax partner with accounting firm PwC, said his firm now projects a full-year surplus of HK$50 billion to HK$60 billion, or roughly a third of the surplus from a year ago, blamed to a large degree on lower revenue from property transactions and stamp duties. Given all that, the government's budget surplus is very likely to hit a record high this year. Hong Kong Retail Sales Wilt as China Tourists Keep Wallets Shut. Issue 90 - 27 February 2019. USA - Hong Kong 1905 H Edward VII One Cent. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. (Photographer: Jerome Favre/Bloomberg News), Missing BloombergQuint's WhatsApp service? “The surplus may decrease further in the next few years if you continue to face a challenging economy.”. Hong Kong’s government announced a HK$120 billion ($15.5 billion) stimulus in its latest budget to support businesses and individuals struggling from the global pandemic. Hong Kong's Budget Surplus Shrinks as the List of Headwinds Grows. Last year’s HKD 138 billion (USD 17.6 billion) fiscal surplus, which left the government’s forecast of a HKD 16.3 billion (USD 2.1 billion) surplus in the dust, was due in large part to an unexpected surge in stamp duty and land premium revenues stemming from massive gains in the booming asset and property markets, respectively. Hong Kong. It’s a beautiful city with so much to offer, and its often overlooked by backpackers. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. After all, Hong Kong posted a budget surplus of HK$58.7 billion ($7.5 billion) for the 2018-19 fiscal year, more than the HK$46.6 billion Read: China plan to integrate Hong Kong, Macau skirts tough questions. Choi noted that the financial secretary has previously indicated that there will not be handouts in the same fashion as last year. The surplus will be used to fund tax relief for individuals and business, and boost infrastructure, innovation, education and community services. Hong Kong Tax News. The final figure will be released on Wednesday. A surplus of $58.7 billion is expected for 2018/19 and fiscal reserves to reach $1,162 billion by 31 March 2019. In 2018, the annual growth rate of the gross surplus of the information and communication technology sector in Hong Kong was 3.3 percent. After seven consecutive years of budget surplus, the Hong Kong Government held a record HK$579 billion in reserve during the 2011 financial year. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. Bloomberg | Quint is a multiplatform, Indian business and financial news company. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The government budget balance is the difference between government revenues and expenses. (Bloomberg) -- Hong Kong’s Financial Secretary Paul Chan will have a much smaller pile of cash to distribute than last year when he presents the annual budget Wednesday, and a longer list of problems to address. 2 1932 AND 2 1933 HONG KONG SILVER 5... $54.99 USD. Hong Kong / Hong Kong economy Hong Kong budget 2017 as it happened: Paul Chan announces HK$92 billion surplus Fiscal reserves estimated to hit HK$952 billion by March 2018 The Hong Kong government uses conservative budget forecasts, consistently predicting small deficits that turn into large surpluses. Hong Kong usually runs balanced budgets or surpluses, since its pegged currency system commits it to fiscal prudence. Census and Statistics Department, Hong Kong, Hong Kong Private Sector Grows for 3rd Month, Hong Kong Retail Sales Extend Gains in March, Hong Kong GDP Growth Quickens to 18-Year High, Hong Kong Inflation Rate Inches Higher in March, Hong Kong Business Sentiment Stabilizes in Q2, Colombia Consumer Confidence Plunges to 2nd All-Time Low, FTSE 100 Posts Worst Session Since February, Spanish Stocks Fall from Near 15-Month High, Israel State of the Economy Index Rises in March, Brazilian Real Almost Steady at 4-Month High. That will also drag the 2018 expansion to the low end of the 3 to 4 percent growth forecast by the government. This expansion was the highest in four years and above the average annual growth rate of 4.8% of the past 20 years. Budget Hotels That Guests Love in Hong Kong. Print. Posted in Hong Kong Hong Kong budget fails to share bumper surplus with the needy, protesters say by Catherine Lai 14:29, 5 March 2018 21:56, 31 March 2020. Last revision date: February 25, 2020 Last revision date: February 28, 2020 The surplus will be used to fund tax relief for individuals and business, and boost infrastructure, innovation, education and community services. This should leave you surplus money if you organise your itinerary carefully. $95.00 USD - Hong Kong 1905 H Edward VII One Cent. The Hong Kong Government is set to record a consolidated budget surplus in the region of HKD 50 billion against a deficit of HKD8.5 billion originally estimated by the Government for the fiscal year 2011/12. Some have said the surplus may reach HK$160 billion this time. The Hong Kong budget, delivered by Financial Secretary Paul MP Chan FCPA, announced a surplus of HK$92.8 billion for 2016-17. We stayed in a Seaview room and it was comfortable and clean with basic … Analysts said revenue from land sales and property transactions, thanks to a frothy real estate market, helped swell the city's finances. The economy will grow by 2 percent to 3 percent, Hong Kong Financial Secretary Paul Chan said, after the 3 percent pace in 2018. A budget deficit occurs when an government spends more money than it takes in. Silvermine Beach Resort Budget Hotel in Hong Kong Avg. 1894 Hong Kong 50 Cents. For 2010/2011, Hong Kong reported a surplus… “The Hong Kong budget surplus is expected to hit HK$36.9 billion in the fiscal year 2014/15, after (1) transfer of the HK$27 billion investment income to the newly set up Housing Reserve Fund and (2) government bond redemption of HK$9.8 billion. This surplus far exceeds the Government’s original estimate of HK$9.1 billion announced in February 2014,” said Mrs. Jennifer HY Wong, Co-Convenor of … “We still have a decent reserve after this year, but we have to use our reserve wisely and appropriately,” Choi said. The opposite of a budget deficit is a budget surplus. The average price per night for a budget hotel in Hong Kong this weekend is $81 (based on Booking.com prices). USA. the fiscal surplus for 2018-19 to introduce one-off measures to support enterprises and relieve people’s burden. Over all, Hong Kong cost us around HKD$3,500 for two people for three nights. Under pressure to use the money to do more for the elderly and the poor, Financial Secretary John Tsang announced in the 2011–2012 budget on 23 February 2011 a scheme modelled from the 2008–2009 financial year, whereby HK$6,000 were to be … In 2018 the government cut taxes and increased investment in high-tech industries as well as a scheme to distribute additional handouts of as much as HK$4,000 to eligible citizens. Read: Hong Kong finance chief welcomes ‘orderly’ home-price declines. Hong Kong Faces Huge Budget Surplus The government's $13.5 billion surplus is expected to lead to one-time tax cuts and grants, but few general tax reductions January 18, 2008, 12:07 PM EST The Hong Kong budget, delivered by Financial Secretary Paul MP Chan FCPA on 28 February, announces a surplus of HK$138 billion for 2017-18. These budget surpluses come largely from property gains off … Even the stock market failed to cooperate last year, as the benchmark Hang Seng Index stumbled to its worst annual loss since 2011. The Hong Kong government slashed taxes in a bid to stimulate investment and keep the territory's economy competitive, as it posted a record budget surplus nearly five times as … KPMG forecasts the Hong Kong SAR Government will record a consolidated budget surplus of HKD56.4 billion for the fiscal year 2018/19, 62 percent higher than the government’s revised estimate of HKD34.9 billion. Financial Secretary Paul Chan announced a very expansionary budget for FY 2018 on 28 February, delivering the first fiscal policy address since Chief Executive Carrie Lam assumed the top role last July. The very positive financial result for Hong Kong has been driven by a boost in revenue from land sales and stamp duty, … Last year’s unexpectedly large windfall has given … What’s most important is sticking to hostels, as I’m sure you are already doing as a backpacker. Chan disclosed the city’s budget surplus for the first nine months stood at HK$59 billion at the end of December. The Hong Kong budget, delivered by Financial Secretary Paul MP Chan FCPA, announced a surplus of HK$92.8 billion for 2016-17. The economy also expanded 3.8 percent in 2017 - the fastest in six years - boosted by a buoyant property market, improved tourism and financial services. HONG KONG (BLOOMBERG) - Hong Kong's Financial Secretary Paul Chan will have a much smaller pile of cash to distribute than last year when he presents the annual budget … Hong Kong unveiled new plans to invest in technology and return funds to the public in its budget. Hong Kong recorded a government budget surplus of 2708 HKD Million in the fourth quarter of 2020. As with all cities, accommodation is never something you can really get around; cities are always expensive and Hong Kong is no exception. Hong Kong does still have the security blanket of a significant fiscal reserve in place, projected to come in at about HK$1.15 trillion as of March 31, Choi said. Background. Financial Secretary Henry Tang said March 15 that Hong Kong had posted its first budget surplus in five years as the economy bounced back strongly in 2004 with growth of 8.1%. Hong Kong Budget 2011-12: Where Should The Surplus Really Be Going To? We wholeheartedly believe that anyone who doesn’t visit here is missing the opportunity to see a different side to China, unlike anywhere else. HONG Kong's new Financial Secretary Paul Chan on Wednesday doled out sweeteners and set the stage for a long-awaited tax-system revamp and a more flexible approach to fiscal policy in his maiden HK unveils HK$92b Budget surplus, Government & Economy - THE BUSINESS TIMES Government Budget Value in Hong Kong averaged 3127.88 HKD Million from 1976 until 2020, reaching an all time high of 115653 HKD Million in the fourth quarter of 2018 and a record low of -166250 HKD Million in the third quarter of 2020. Hong Kong | Surplus Network. Together with the stimulus effect of other measures in the Budget, I forecast economic growth of two to three per cent in real terms for Hong Kong in 2019. Following the lead of rival Asian financial center Singapore, Hong Kong will also taper its budget deficit to HK$101.6 billion — or 3.6% of gross domestic product — from HK$257.6 billion. Eric Lam, Bloomberg News. On a quarterly basis, the Budget surplus hit 8.6 per cent of gross domestic product in the third quarter of last year, the highest since at least 1999, Bloomberg data shows. Hong Kong Government Budget Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). Hong Kong is in an enviable fiscal position entering FY 2018, which begins on 1 April, thanks to last fiscal year’s record-breaking surplus. Hong Kong budget conservative yet practical amid economic uncertainty and reduced government revenue. Hong Kong posted a provisional budget surplus of HK$138 billion ($17.63 billion) for the 2017-18 financial year and expects an overall surplus over the next five years, Chan said. On 26 February 2020, Financial Secretary Paul Chan Mo-po presented his fourth budget speech against the backdrop of a significant budget deficit for the first time in 15 years, as well as uncertainty over the city’s economic downturn due to the coronavirus outbreak. Hong Kong posted a provisional budget surplus of HK$66.7 billion for the 2011/2012 fiscal year ending in March, significantly higher than its forecast surplus of HK$3.9 billion. People take photographs with their mobile handsets on the Tsim Sha Tsui promenade as the Hong Kong skyline stands across Victoria Harbor in Hong Kong, in Hong Kong, China. Photographer: Anthony Kwan , Bloomberg (Bloomberg) -- Hong Kong’s Financial Secretary Paul Chan will have a much smaller … Chan warned in a Feb. 17 blog post that fourth-quarter GDP growth will slow even further, to less than 1.5 percent -- the worst performance since the first quarter of 2016. Measures to boost Hong Kong's competitiveness through innovation are widely expected to be a prominent feature of the city's Budget on Feb 28, amid expectations that … USA. 1925 1c HONG KONG One Cent Bronze... $95.00 USD. Hong Kong Wednesday reported a record surplus of almost US$18 billion thanks to a red-hot property market and announced wide-ranging tax cuts in its annual budget, but critics said the measures did too little to help the city's poor. Hong Kong's dilemma is different from that in most other places: it has too much money, rather that not enough. Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po, delivered the 2019/20 budget speech this morning. Hong Kong Budget Sees Sustained Softening of Public Finances Wed 26 Feb, 2020 - 11:13 PM ET Fitch Ratings-Hong Kong-26 February 2020: The considerable weakening of Hong Kong's medium-term fiscal position - as outlined in the budget delivered on 26 February - is unlikely by itself to put downward pressure on the territory's rating, given its large fiscal reserve, says Fitch Ratings. Booking in advance will help, but we know … Last revision date: February 25, 2020 Last revision date: February 28, 2020 This is due to higher than expected revenues from land sales and stamp duties. Jerome Favre/Bloomberg news ), Missing BloombergQuint 's WhatsApp service Special Administrative Region, Mr. Paul Chan Mo-po, the. Kong unveiled new plans to invest in technology and return funds to the low of. 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