Hong Kong to rev up fiscal consolidation in new budget: financial secretary

HONG KONG -- The Hong Kong Special Administrative Region (HKSAR) government will double down on its fiscal consolidation strategy in the budget for the new financial year to be released on Wednesday, Financial Secretary of the HKSAR government Paul Chan wrote in a blog post published Sunday.

The ramped-up fiscal consolidation strategy aims at improving public services while vigorously regulating public expenditure, as well as increasing revenue in a moderate manner under the "user pays" principle. It also seeks to mobilize all other public and market resources to propel growth, said Chan.

Chan underscored the importance of technology as a new driver of economic growth and industrial upgrade.

The financial chief also expressed confidence and hope for the future, noting that the budget's aqua-blue cover signifies vast untapped potential.