Without giving details, Chief Executive Carrie Lam on Tuesday said the government is looking to provide “targeted” help to businesses or industries that face difficulties, in order to “support businesses, protect jobs and livelihoods”. The new move comes after three rounds of relief measures rolled out in August, September and October.
Lam expected the current low unemployment rate of 3.1 per cent to rise as more businesses are affected. Data released on Monday showed that retail sales fell by a record 24.3 per cent in October - a period which usually sees more mainland visitors to Hong Kong and sales spike due to the “Golden Week” Chinese holiday - making it the fourth consecutive month of double-digit declines.
The deficit would be driven by an adverse economic environment, lower tax revenue and income from land sales , as well as the cost of recent economic sweeteners, said Chan. He said the forecast was for the economy to contract by 1.35 in 2019 but some experts though remain critical of the relief measures.
The legislation calls for an annual review of the special trading status Hong Kong enjoys with the United States and allows for sanctions against those found violating human rights in the territory.
Carrie Lam shd just let HongKong slump so that all the hongkonprotesters are out of job and die of hunger
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