PRO-CHINA and conservative legislators have questioned the wisdom of having a deficit budget in the next financial year as the Sino-British political row and other uncertainties overshadow Hongkong's economic future. They called for the Financial Secretary Mr Hamish Macleod to explain why he was so confident that Hongkong would have a sufficient cushion against any economic misfortune in the years ahead. Mr Macleod has budgeted for a $3.4 billion deficit for the next financial year, the first deficit budget since 1985. Chinese officials have criticised it as a departure from the Basic Law, which stipulates that the Government must have a prudent financial policy of a balanced expenditure and income. Co-operative Resources Centre (CRC) member Mr Ngai Shiu-kit said he doubted whether the Budget could really build for the future as claimed by Mr Macleod. He said while Mr Macleod told them the deficit budget was meant to cut down the huge reserve, the secretary last year maintained that a surplus would be needed to prepare for rainy days. He asked about the grounds by which Mr Macleod thought our level of surplus was too high, as it remained doubtful whether China's Most Favoured Nation trade status would be renewed. Besides, Hongkong's economic future had also been affected by on-going Sino-British politics. ''In the light of the uncertainties faced by our economy, how can Mr Macleod arrive at the conclusion that Hongkong will have a sufficient reserve in the coming few years?'' he asked. His CRC colleague Mr Stephen Cheong Kam-chuen, while agreeing that Hongkong people should be allowed to share the fruits of their labour, said he did not think it was right to spend all the reserves right up to $25 billion. The Memorandum of Understanding on the airport requires the Government to have a reserve of $25 billion when Britain hands over Hongkong to the mainland. Mr Cheong also questioned whether the forecast $78 billion surplus by 1997 was a reasonable figure, because it had not taken into account the setting up of a civil service pension fund, which might cost $10 billion, or cost overruns on the airport, whichmight top $20 billion as suggested by some academics. ''Perhaps the Financial Secretary should openly explain how he works out the level of reserves. He should also tell us if he has already precluded any major social expenditure in the coming four years.'' Mr Peter Wong Hong-yuen, also a CRC member, said the running of a deficit budget in a buoyant economy could set a dangerous precedent. Pro-China legislators Mr Tam Yiu-chung and Mr Philip Wong Yu-hong also expressed worries about the advent of deficit budgets in the coming years. Mr Wong said the government had departed from its decade-long fiscal policy of keeping expenditure within its income and was attempting to buy popularity by giving away small benefits to the general public. But Mr Chim Pui-chung urged the public not to worry about the $3.4 billion deficit budgeted for the next financial year. ''This figure is merely a numbers game and is just a forecast figure. Many people have criticised the Financial Secretary for the budget, but I don't think they should be worried as all over the world, there are deficit budgets.''