No Cash Handouts In Budget, Says Paul Chan

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2018-02-17 HKT 11:58

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• No cash handouts in budget, says Paul Chan

Hong Kong's Financial Secretary Paul Chan

Financial Secretary Paul Chan says he plans to use the huge surplus expected in his upcoming budget on a "targeted basis", in the clearest statement yet that he won't be giving cash handouts.

He also said the administration would not be waiving rents for public housing tenants.

Accounting firms have predicted the government budget surplus will hit up to 180 billion Hong Kong dollars in the current fiscal year, but Chan said the final figure isn't as high.

Speaking to reporters on Saturday morning after appearing on a radio programme, the finance chief said he's going to invest in the city's innovation and technology industry and health care system.

Chan also said he would not lower Hong Kong's income and profit taxes, as they are already quite competitive in the region.