Hong Kong’s surprise surplus: were numbers ‘distorted’ to avoid deficit? Economists question adding proceeds from bonds, fund transfers

Feb 24, 2022 | INVESTING

Financial Secretary Paul Chan Mo-po’s explanation for how Hong Kong turned an anticipated budget deficit into a surplus amounted to a “distortion” of public accounts that helped the government justify its tax policies and boost investors’ confidence, economists said.Some took issue with including the proceeds from government bonds and the movement of funds as revenue, resulting in a surplus of HK$18.9 billion (US$2.42 billion) for 2021-22.Some also expressed unease at the city’s drastic…

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