Financial Results for First Two Months of 2009-2010 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

June 30, 2009 - The Hong Kong Special Administrative Region Government announced today its financial results for the two months ended May 31, 2009.

Expenditure for the period April to May 2009 amounted to HK$41.2 billion (US$5.28 billion) and revenue HK$27.6 billion (US$3.53 billion), resulting in a deficit of HK$13.6 billion (US$1.74 billion).

A government spokesman said that the deficit for the period was mainly because some major types of revenue including salaries tax and profits tax were mostly received towards the end of a financial year.

The fiscal reserves stood at HK$480.8 billion (US$61.64 billion) as at May 31, 2009.