Paul Chan urges careful government spending despite improving finance situation

Financial Secretary Paul Chan signaled a boost in local retail sales, but noted the government should remain careful in public spending despite its improving financial situation.

Chan said that retail sales in December will continue to grow.

This as authorities recorded a surplus of 43.9 billion dollars for the first nine months of the fiscal year, with the FS crediting the salaries and profits taxes as the main sources of revenue.

He added that the government will expand its investment in infrastructure and development of the Northern Metropolis via the issuance of bonds.

The FS stressed the city must preserve sufficient government finances in order to tackle the unstable global market expected for this year.