Hong Kong to offer money present of $1,200 to residents

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Man wearing a face mask in Hong KongImage copyright Reuters
Image caption Virus fears are solely the most recent in a string of troubles for Hong Kong

Hong Kong will hand out money to grownup everlasting residents, to assist increase spending and ease monetary burden.

As a part of the annual price range, $10,000 Hong Kong {dollars} ($1,280; £985) was introduced for about seven million folks over the age of 18.

The territory’s economic system has been battered by months of violent political unrest, and extra not too long ago suffered from the impression of the coronavirus.

The metropolis has had 81 confirmed circumstances of the virus and two deaths.

“Hong Kong’s economy is facing enormous challenges this year,” Financial Secretary Paul Chan stated on Wednesday.

“After careful consideration, I have decided to disburse HK$10,000 to Hong Kong permanent residents aged 18 or above, with a view to encouraging and boosting local consumption on the one hand, and relieving people’s financial burden on the other,” Mr Chan stated.

The particular person handouts are a part of a HK$120bn aid package deal to ease the impression of the protests and virus on the economic system.

Authorities may even decrease public housing lease and there will probably be rebates in wage and property taxes.

The price range deficit is projected to rise to nearly $18bn by 2021 – a document for the territory.

Image copyright AFP
Image caption Hong Kong has seen months of violent protests in opposition to the federal government

Hong Kong had beforehand introduced a aid fund for sectors which have suffered due to the outbreak, together with money handouts for companies like eating places and travel operations.

The territory’s economic system is affected by months of political unrest which has seen pro-democracy activists in typically violent clashes with the police.

In the final weeks, the specter of the coronavirus spilling over from the mainland has slowed down a lot of public life and dealt a critical blow to the tourism sector.

The monetary hub can be reeling from the continued US-China commerce warfare, slowing down commerce between the world’s two largest economies.

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Media captionThe digital hyperlinks of 2019’s international protests