TNAG-2470-FCO40-3594-Budget-of-Hong-Kong-1992 — Page 9

APA(S)

PA CR 3/4841/62

Mons 60012

31

10-

Budget

r

My Home

China's Budget Deficit

1.

Last year, during the Airport Talks, Lu Ping told

the Governor, when we were discussing the Land Fund estimate

for 1997, that China's budget estimates always turned out

to be more or less correct.

2.

I noted with interest that this year China's

deficit was Y20.786 billion, when it had been predicted

to be Y13.346 billion. Finance Minister Wang Bingian was

thus 56% out.

c.c.

bo.e. thoma

(W G Ehrman)

Political Adviser

31.3.92

CS

FS

S for TSY

Mr Peter Ricketts, HKD, F C O

XP