HONG KONG: In a bid to kick-start its troubled economy, the Hong Kong government on Wednesday announced a bumper HK$572.5 billion budget.
Hong Kong's economy is reeling from the US-China trade war, months of seething pro-democracy protests last year and now the coronavirus. Although tax rebates and targeted welfare measures had been employed in the past to return part of Hong Kong’s large HK$1 trillion reserves to help people cope with the rising cost of living, the Budgets over the recent period have consistently resisted the temptation of giving sweeteners such as generous cash handouts to the public.
Equivalent to about two-thirds of the 2019 median individual income of Hong Kong, it is indeed a much-needed and substantial assistance to average Hong Kongers. Despite criticism over the expenditure of a large portion of fiscal reserves accumulated over the years, these are exactly the turbulent times reserves should intend to address. So it is good that the government had the political will to spend during this rainy season.
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