To stimulate the local economy Hong Kong plans hand out HK$10,000 to each adult

Hong Kong Financial Secretary Paul Chan announced a HK$120 billion ($15.4 billion) relief package with tax cuts and a cash handout, in an effort to shore up economic confidence in a city battered by political unrest and the coronavirus.

The main feature of Chan’s annual budget announced Wednesday is a payment of HK$10,000 to each permanent resident of the city aged 18 or older. He unveiled an official forecast for economic growth this year of between -1.5% and 0.5%, and confirmed a contraction of 1.2% in 2019.

 

Hong Kong Financial Secretary Paul Chan announced a HK$120 billion ($15.4 billion) relief package with tax cuts and a cash handout, in an effort to shore up economic confidence in a city battered by political unrest and the coronavirus.

The main feature of Chan’s annual budget announced Wednesday is a payment of HK$10,000 to each permanent resident of the city aged 18 or older. He unveiled an official forecast for economic growth this year of between -1.5% and 0.5%, and confirmed a contraction of 1.2% in 2019.