After grossly underestimating Hong Kong’s surplus for eight years in a row, Financial Secretary John Tsang Chun-wah gave a more accurate figure this year during Wednesday’s 2016 budget speech. In previous years, he received much criticism for failing to utilise Hong Kong’s massive reserves effectively.
In 2015, it was estimated that the surplus would be HK$36.8 billion. On Wednesday, Tsang announced that the revised estimate stands at HK$30.5 billion.
In 2014, it was estimated that the surplus would be HK$9.1 billion, but a year later, it was revised to HK$64.6 billion – more than 7 times the estimate.
The most questionable estimation came in 2010, when he foresaw a deficit of HK$25.2 billion, yet the government ended up with a HK$71.3 billion surplus.
Tsang has been criticised by lawmakers such as Democratic Party Sin Chung-kai and Labour Party Lee Cheuk-yan, who say that the government has been sitting on massive capital reserves without any long-term plans for them.
- Strife among local and expat pilots as Hong Kong Immigration leaves work visas hanging
- ‘Cut ties with these criminals’: Hong Kong security chief warns reporters to shun Apple Daily detainees after raid
- Hong Kong police raid Apple Daily office, editor-in-chief among 5 arrested under national security law over articles