Chief Executive John Lee on Friday said he detailed to President Xi Jinping strategies to achieve fiscal balance "in three to five years", after the SAR government warned the deficit would balloon to around HK$100 billion for the current financial year. Lee, who was received by the president on the third day of his duty visit to Beijing, added the administration will aim to develop new growth points and grasp the opportunities provided by the mainland. Speaking to reporters after the meeting, the CE was asked if the president was concerned by the SAR government's fiscal situation. "I have explained the strategies that we will be adopting to ensure that we will eventually make a balanced budget. That may take a few years," Lee replied. He said one way to strengthen the city's economy would be "expanding outside" to markets like Asean and the Middle East, or even Latin America and central Asia. But the nation still offers "the biggest opportunities" for Hong Kong, Lee stressed, and that it's up to the SAR to capitalise on them. Lee revealed he and the president also discussed safeguarding national security, raising the level of governance, boosting development momentum, and improving people's livelihood. During a brief photo call at the start of the closed-door meeting, Xi had affirmed Lee's work and hailed his administration for completing the "historic legislation" of Basic Law Article 23. "I think that recognition speaks for itself. I am a believer of there is never the best, only the better. That is also the doctrine advocated by President Xi. In this area, we see things in the same angle," Lee said. "And I have been making reports to him as to how I can create extra synergy, new development, and also create economic growth for Hong Kong." Lee and Chief Secretary Eric Chan will meet officials from the Ministry of Human Resources and Social Security in Beijing on Saturday, before returning to the SAR on the same day. Lee hoped the exchange would provide insight to a recently established SAR committee on education, technology and talents. The group, announced in his policy address, is chaired by the chief secretary.
