US EditionHong Kong to slash 10,000 civil service jobs, push AI in bid to reverse deficit
- Hong Kong plans to cut 10,000 civil servant jobs by April 2027, reducing about 2% of the civil service annually, as stated by Financial Secretary Paul Chan.
- The city's deficit is projected to reach HK$87.2 billion for the financial year 2024-2025, marking the third consecutive year of losses.
- Hong Kong aims to boost its economy by setting aside HK$1 billion to establish an AI Research and Development Institute, as mentioned by Paul Chan.
- The airport departure tax will be raised from HK$120 to HK$200 , representing a 67% increase, as part of fiscal measures.
25 Articles
25 Articles
Hong Kong to slash 10,000 civil service jobs, push AI in bid to reverse deficit
Hong Kong aims to cut spending by slashing 10,000 civil service jobs in an effort to rein in a rising deficit, and plans a big AI push as it navigates headwinds from global economic uncertainty, geopolitical tensions and a weak property market.
Pacific Daily News
knoxvilledailysun.comHong Kong to slash public spending, civil service jobs
Hong Kong's finance chief unveiled a "belt-tightening" budget on Wednesday that aimed to end the city's string of record-high deficits by 2028 while seeking growth in areas such as artificial intelligence.
Associated Press News
abc NewsHong Kong is to cut thousands of civil service jobs and invest in AI to tackle a rising deficit
Hong Kong will cut thousands of civil service jobs and boost spending in artificial intelligence as it seeks to tackle an increasing deficit. Finance Secretary Paul Chan said during his budget speech on Wednesday that there would be a “cumulative…
Hong Kong to slash public spending, build AI institute
Hong Kong, China — Hong Kong will cut public spending and restore fiscal balance by mid-2027 after a string of huge deficits, the city’s finance chief said Wednesday as he unveiled growth plans including an artificial intelligence institute. Officials are under pressure to balance the books as Hong Kong faces its toughest fiscal test in
Budget 2025: Fines for traffic offences, parking meter fees to rise
Hong Kong will raise fines for traffic-related offences and increase fees for parking meters, Financial Secretary Paul Chan has said. The new penalty rates have not been set, and the matter will be discussed by lawmakers, a government source told HKFP.A Hong Kong traffic warden. Photo: Hong Kong Police Force.Chan also announced increased fees for electric car licences during his 2025 Budget speech at the Legislative Council on Wednesday.Authorit…
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