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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (58635)	1/10/2002 1:31:50 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

This can't be good. Note the last bold. X20 Stan Thursday January 10, 10:42 AM Hong Kong expects large deficit in 2002/03 sg.news.yahoo.com HONG KONG (Reuters) - Hong Kong leader Tung Chee-hwa said the territory would have another large budget deficit for fiscal 2002/03 following a HK$60 billion deficit forecast for the current financial year, a Hong Kong newspaper said on Thursday. Tung told the Business and Professionals Federation of Hong Kong on Wednesday that the government was looking into ways to cut costs, the Chinese-language Ming Pao Daily newspaper quoted the group's chairman Wilfred Wong as saying. But the Beijing-anointed leader said the government had no plans to impose any new taxes until economy improved. The government said last month it expected a budget deficit of some HK$60 billion (US$7.7 billion) this fiscal year as the economic slowdown bit into revenue while spending continued unabated. That was 20 times the HK$3 billion deficit projected when the budget was announced in March, but back then the economy was forecast to grow by four percent this year. It is now teetering on the edge of recession. Hong Kong's fiscal year starts on April 1 and ends on March 31.