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Strategy of managing public finance in the HKSAR (reading guide) 1) Has the Government managed public finance prudently? 2) Can the Government afford not to intervene in face of economic downturn nowadays? Is the concept of 'positive non-interventionism' incompatible with the strategy of managing public finance nowadays? 1) The size of the public sector in Hong Kong has been small until recently. In general, the traditional financial/fiscal strategy of the Government is that the trend growth rate of government expenditure should be in line with trend growth rate of Gross Domestic Product, and trend growth rate over a period of time is not the same as annual growth rate. This is the principle underlying the 'Financial Prudence'. However, in recent years, with reference to the diagram below, it has been brought to public attention that if we measure trend growth rate in real terms, by and large, for the past decade, the financial...

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