Hong Kong is expected to focus on steps to curb spending in its annual budget on Wednesday, as it seeks to tackle a fiscal deficit likely to have widened to double the city's target amid rising global economic uncertainty and a weak property market.

HONG Kong officials this week will unveil plans on how they will solve the mounting challenges facing Asia’s financial capital – chief among them slower growth and the longest string of fiscal deficits in two decades.

Basketball gambling could bring in billions in government revenue if it follows 50 per cent duty levied on football betting.

The Post examines the difficulties the government faces should it cut expenditure in major spending areas, such as the HK$2 transport subsidy, public healthcare and civil servant salaries

Hong Kong is aiming to curb spending in its annual budget to address a fiscal deficit expected to double the city's target. Economic struggles stem from decreased land revenues and trade tensions with the US.

Authorities currently charge as much as 75% duty on the net proceeds from betting on horse races and 50% for football matches.

Hong Kong authorities should consider gradually raising some service charges to a cost-recovery level for the government’s long-term financial health despite the move not having an immediate effect on the nearly HK$100 billion (US$12.

Hong Kong financial secretary Paul Chan Mo-po said the region will remain a “stable, open and vibrant market” for crypto.

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.

Hong Kong is considering legalizing basketball betting to tap into an estimated HK$52.5 billion ($6.7 billion) market, as the government seeks to ease a fiscal deficit nearing HK$100 billion ($12.9 billion), a source familiar with the discussions told South China Morning Post.

Hong Kong is facing its toughest fiscal test in three decades following a painful run of mammoth deficits, with experts urging the government to make careful cuts as the economy wobbles. The Chinese finance hub last saw a string of deficits after the Asian financial crisis in the late

There may be limited options for generating the kind of revenue needed to plug an expected shortfall of 100 billion Hong Kong dollars.