STORY HIGHLIGHTS


HKSAR Gov't Ramps up Stimulus Through Economic Recession

CNC
Added On December 6, 2019

The government of China's Hong Kong Special Administrative Region (HKSAR) has announced more relief measures worth more than 4 billion Hong Kong dollars or about 510 million U.S. dollars amid ongoing economic hardship.
 
 
At a press briefing on Wednesday, Financial Secretary Paul Chan elaborated on all the nine new measures, from reduction of water and sewage services charges to subsidies on power use and instalment tax payment.
Chan said most of the measures are targeted towards supporting businesses, especially small and medium enterprises, stressing that supporting businesses will help safeguard jobs, which is the number one priority at present.
 
A total of 25 billion Hong Kong dollars or 3.19 billion U.S. dollars have been allocated in the altogether four rounds of relief measures adopted since August.
 
   
Hong Kong economy started to worsen in an unprecedented pace in the third quarter of the year as escalating violent incidents disrupted business activity, scared off visitors and caused severe damages to public and private property.