Latest news with #FinanceSecretary
South China Morning Post
14 hours ago
- Business
- South China Morning Post
Hong Kong to keep expanding land bank, but not to offset deficit: Paul Chan
Hong Kong will press on with building up its land bank but adopt a cautious stance on selling the sites, the finance chief has said, rejecting the notion the government is rushing to find and sell parcels to offset the budget deficit Financial Secretary Paul Chan Mo-po also said in a recent interview that the government would address plans to build artificial islands off Lantau waters 'later', despite calls from developers to halt the project immediately. 'We will not stop [creating land] because of property prices and the market; we will keep producing land,' he said. 'Having created the land, we don't need to sell it immediately. It can form part of our land bank. 'The message is that the government has land. But how and when to sell it, we will act according to market conditions. At the moment, it is of utmost importance to manage expectations and confidence … we will put [the land] on the market cautiously. 'Some have suspected that the government hopes to sell land to cover its budget deficit. That's not the case.' Chan revealed a deficit of HK$87.2 billion (US$11.1 billion) in his budget in February and outlined a series of measures to cut public expenditure and raise revenue to address the fiscal challenge.
South China Morning Post
15 hours ago
- Business
- South China Morning Post
Hong Kong must grow despite persistent US-China trade tensions: Paul Chan
Challenges and volatility will persist despite a renewed trade truce between the US and China, Hong Kong's finance chief has warned, as he outlined his strategy to enable the city to navigate continued geopolitical uncertainties. In a media interview last Friday, Financial Secretary Paul Chan Mo-po also revealed his goal for the city to overtake Switzerland as the world's biggest asset and wealth management centre by 2027, as part of his plans to transform and diversify the economy in the remaining two years of his term. China and the United States in mid-June agreed 'in principle' on a framework to implement their trade truce after talks in London, with US President Donald Trump saying American tariffs would be set at 55 per cent to China's 10 per cent. But Chan said he expected uncertainty and volatility would be here to stay for Hong Kong. 'The geoeconomic segmentation and the US-China relationship will continue to be challenging in the coming years. There may be agreement for the short term, but there are bound to be ups and downs,' he said. 'We won't underestimate the challenges arising from this tense relationship.'
South China Morning Post
02-06-2025
- Business
- South China Morning Post
Hong Kong to stick with 2% to 3% growth goal despite strong first quarter: Chan
Hong Kong will maintain its economic growth target of between 2 and 3 per cent for this year, the city's finance chief has said, while describing the anticipated rapid gains in the first quarter as an 'exception' rather than the norm. Financial Secretary Paul Chan Mo-po also said on Monday that authorities would 'prepare for the worst' despite the easing of tariffs amid the US-China trade war, but added that the recent rise in tourism would help offset sluggish domestic consumption. The government earlier set its growth forecast for gross domestic product at between 2 and 3 per cent for the year, following a 2.5 per cent year-on-year expansion in 2024. 'The overall growth forecast has not been adjusted upwards despite [the first quarter's] performance,' Chan told lawmakers on Monday. 'That's because the rapid growth in the first quarter was the exception rather than the norm, and there may be wild changes in the US government's policy. 'So we have to manage our risks. We have to prepare for the worst.'
South China Morning Post
02-06-2025
- Business
- South China Morning Post
Hong Kong to stick with 2% to 3% growth goal despite strong first quarter: Chan
Hong Kong will maintain its economic growth target of between 2 and 3 per cent for this year, the city's finance chief has said, while describing the anticipated rapid gains in the first quarter as an 'exception' rather than the norm. Financial Secretary Paul Chan Mo-po also said on Monday that authorities would 'prepare for the worst' despite the easing of tariffs amid the US-China trade war, but added that the recent rise in tourism would help offset sluggish domestic consumption. The government earlier set its growth forecast for gross domestic product at between 2 and 3 per cent for the year, following a 2.5 per cent year-on-year expansion in 2024. 'The overall growth forecast has not been adjusted upwards despite [the first quarter's] performance,' Chan told lawmakers on Monday. 'That's because the rapid growth in the first quarter was the exception rather than the norm, and there may be wild changes in the US government's policy. 'So we have to manage our risks. We have to prepare for the worst.'
Bloomberg
28-05-2025
- Business
- Bloomberg
Argentina Sells Peso Bonds Abroad for First Time Since Macri Era
Argentina sold local currency debt to foreign investors, raising roughly $1 billion that will help boost central bank reserves a month after President Javier Milei's government lifted most currency controls. The five-year peso bonds carry a coupon of 29.5%, more than what some local banks had expected, Finance Secretary Pablo Quirno said in a social media post on Wednesday evening. The notes also include a two-year put option, offering investors an early exit before another presidential vote takes place in 2027.
