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Hong Kong to give big cash handouts as economy reels from virus

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NSTworld: The cash handout alone will cost HK$71 billion but officials hope consumers will plough much of the money back into local businesses. HongKong coronavirus covid19 HongKongProtests

Financial Secretary Paul Chan unveiled the cash gift in an annual budget, committing US$120 billion to help alleviate the worst economic downtown the international financial hub has faced in a decade.

“Making good use of fiscal reserves to support enterprises and relieve people’s hardship is certainly in line with our people’s expectations,” he said. Other measures announced in the budget included profits and salary tax breaks as well as low interest loans for businesses struggling to pay staff wages.

The recession is a major headache for the city’s unelected pro-Beijing leader Carrie Lam who currently boasts record low approval ratings after facing down huge democracy protests. Yet public anger still simmers in a city where neither its leadership nor Beijing have addressed the issues fuelling years of rising resentment.

 

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