HONG KONG -- Hong Kong unveiled a new budget on Wednesday that pushes spending cuts and technology innovation, as a protracted downturn in the local property market and other factors pressure the city's finances and low-tax structure.
Economy
Hong Kong budget seeks AI growth, civil service savings as deficit swells
City's financial head dismisses tax hikes as solution to revenue woes
Hong Kong's government is wrestling with how to raise revenues and close a hole in its budget, while maintaining its competitiveness as a financial center. (Photo by Shinya Sawai)
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