HONG KONG's government is preparing to spend"boldly” to shore up the finance hub’s tumbling economy, Financial Secretary Paul Chan said in an exclusive interview.
"Given the large amount of fiscal surplus we’ve accumulated over the years I do think we have the capability and financial resources to help us come through this economic recession, ” he said. "We have no intention to review it, ” Chan said. There are"no circumstances” in which it would be reviewed, he said.
The IMF has said the city’s economy likely shrank 1.2% last year and forecasts 1% growth in 2020. Chan expects the economy to have contracted 1.3% in 2019. Playing down concerns around capital outflows and worries about an exodus of talent from Hong Kong, Chan said the hub’s banking system and markets remain stable.
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