Hong Kong Budget Deficit Lower Than Expected

HONG KONG: Hong Kong's deficit for the 1998 financial year, which ended March 31, was HK $23.2 billion (US $3.05 billion) -- HK $9.1 billion lower than the revised estimate of HK $32.3 billion. Financial Secretary Donald Tsang had announced the projected deficit during his budget speech on March 3. Final deficit figures were announced on July 9. The government of the Special Administration Region of China attributed the better-than-expected deficit to higher-than-projected earnings on the investment of fiscal reserves, and delays in acquiring a number of major capital items.