Chief Executive Fernando Chui Sai On has stressed that the government’s finances are very sound and that social welfare and various benefits would not be affected even though the government is ready to implement austerity measures. Last week, Secretary for Economy and Finance Lionel Leong Vai Tac claimed that the government may need to implement austerity measures from August as the city’s gaming revenues in July may not meet the target of MOP18.35 billion (US$ 2.29 billion). The CE told reporters on Tuesday evening that July gaming revenues are estimated to amount to some MOP18 billion, stressing the city’s fiscal reserves are sufficient to cope with any fluctuations in the economy. Asked by reporters whether the government would halt the cash handout scheme from next year, Mr. Chui claimed that the scheme had been supported by residents and the government would like to continue sharing the economic fruits with society. The Chief Executive also stressed that the current adjustment in the economy is normal after the economy had rapidly surged in the past decade, adding the government will continue working on economic diversification and regional co-operation, as well as the development of gaming and non-gaming elements.
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