Hong Kong Unveils HK$19.1 Bln Stimulus Package
August 15 2019 - 04:21AM
RTTF2
Hong Kong's government unveiled a stimulus package worth HK$19.1
billion as deepening political unrest and escalation of China-US
trade tension are likely to weigh on economic activity.
The government downgraded its growth outlook for this year to
0-1 percent from 2-3 percent, citing both domestic and
international uncertainties.
The economy had contracted 0.3 percent sequentially in the
second quarter. Another quarter of decline would take the economy
into a technical recession.
In order to counter the challenging environment, Financial
Secretary Paul Chan announced a package of measures to support
enterprises, especially small and medium enterprises or SMEs, to
safeguard jobs and relieve people's financial burden.
"Together with one-off relief measures announced in the 2019-20
Budget, which cost $42.9 billion, they will provide impetus for our
economy and help cushion the enterprises and people of Hong Kong
against challenges arising from economic uncertainties," Chan
said.
For enterprises, he waived 27 groups of government fees and
charges, reduced the rentals for most short term tenancies of
government land and a new loan guarantee product.
With an intention to ease the financial burden of people, Chan
proposed an extra allowance to social security recipients, subsidy
to kindergarten, primary and secondary day-school students, and to
pay one month's rent for lower income tenants living in the public
rental units
Also, the government plans to provide a one-off electricity
charge subsidy of HK$2,000 to each residential electricity
account.
AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From Feb 2024 to Mar 2024
AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From Mar 2023 to Mar 2024