The deficit for the 2019-2020 fiscal year would be due to an adverse economic environment, decreased tax revenue and income from land sales, as well as relief measures announced during the year, Chan told lawmakers at the legislative council on Monday night .Almost six months of ongoing protests and export pressure from the US-China trade war have put enormous strain on Hong Kong this year.
Retail data for October due on Tuesday are expected to show sales declined by almost 23% in October amid a collapse in visitors numbers from mainland China. For retail businesses, that raises the stakes for coming months. Many proprietors will have to make hard choices: whether to continue the fight into next year or give up as leases come up for renewal and employee bonuses must be paid.