Hong Kong

Hong Kong's Financial Secretary unveiled a HKD80bn budget for 2012/13 intended to soften the adverse impact of a global slowdown on the city's economy. Among the measures are a whole suit of tax cuts, coupled with public housing rent relief and a pledge to increase land supply. While we acknowledge that the measure may help to attenuate the downward pressure on the economy from the global slowdown, we note that these measures are mainly for short-term relief and are unlikely to provide any boost to economy's growth prospects beyond the budgeted period.

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