Financial Results for the First 10 Months of 2008-2009 Financial Year

For more information, please contact:
Melissa Ng / David Hsieh at 212-752-3320
Daniel McAtee at 202-238-6360
Wing Yan Tong at 415-835-9315

February 27, 2009 - The Hong Kong Special Administrative Region Government had expenditure of HK$236.4 billion (US$30.3 billion) and revenue of HK$286.2 billion (US$36.69 billion) for the period April 2008 to January 2009, resulting in a surplus of HK$49.8 billion (US$6.38 billion).

A surplus of HK$18.9 billion (US$2.42 billion) was recorded in January.
A government spokesman said that the surplus in January was mainly due to the receipts of salaries tax and profits tax.

Taking into account major one-off expenditure to be incurred in March, including injection to Mandatory Provident Funds accounts, the Research Endowment Fund, etc. and other government expenditure towards the year-end, the Revised Estimate for the financial year ending March 31, 2009, as announced in the Budget Speech on February 25, is a deficit of HK$4.9 billion (US$628.2 million).

The territory’s fiscal reserves stood at HK$542.7 billion (US$69.57 billion) as at January 31, 2009. In the Revised Estimate announced in the Budget Speech, the fiscal reserves are estimated to be HK$488 billion (US$62.56 billion) as at March 31, 2009.