Hong Kong’s financial chief has revealed he plans to maintain or even increase levels of public spending in the forthcoming budget to protect livelihoods during the economic downturn, despite the heavy strain on government funds.Paul Chan Mo-po said on Sunday he would adopt a “countercyclical fiscal policy” for his February 24 speech, an approach favouring higher spending and lower taxes in a recession.The city’s financial reserves have shrunk 30 per cent to HK$800 billion over the past year,…
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