Hong Kong's Budget reinforces Hong Kong's long term economic development

In his 2015-16 Budget today (February 25), the Hong Kong Financial Secretary, Mr John C Tsang, pledged to explore new ideas and strive for diversity to help Hong Kong people realise their aspirations and to reinforce the foundation for long-term economic development.

On the economy, Mr Tsang reported that Hong Kong's economy grew by 2.3 per cent in 2014 and is forecast to grow by 1 to 3 per cent in 2015.

Merchandise exports grew by 1 per cent with service exports growing by 0.5 per cent in real terms in 2014. Unemployment averaged 3.2 per cent for the year as a whole, sustaining a state of full employment. Headline inflation eased to 4.4 per cent in 2014. Mr Tsang forecast headline inflation of 3.5 per cent for 2015.

He estimated fiscal reserves to reach HK$856.3 billion by the end of March 2016, representing 36.8 per cent of GDP and equivalent to 23 months of government expenditure.

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