Financial Secretary Antony Leung Kam-chung has cancelled a trip to Beijing this week in order to prepare for a meeting with legislators on Friday on how to ease the budget deficit. A spokesman said yesterday Mr Leung would not be able to attend the sixth annual CEO Forum organised by Business Week tomorrow. Secretary for Economic Development and Labour Stephen Ip Shu-kwan will attend the forum. The spokesman said Mr Leung would give an account of the latest financial situation to legislators and seek their views on what could be done. He declined to say if the government would give a formal revised estimate of the deficit for this fiscal year. Mr Leung has estimated a deficit of $45.4 billion for 2002-03. He earlier indicated a likely revenue shortfall following the deferral of the issuing of Mass Transit Railway Corporation shares and a drop in land revenue. Some estimates say the deficit could hit $70 billion.