Hong Kong flags handouts to speed up recovery from Covid shock

Hong Kong volition springiness much handouts to consumers to enactment the city's betterment from a prolonged economical downturn induced by Covid-19 restrictions, Financial Secretary Paul Chan announced successful the 2023/24 fund connected Wednesday.

The planetary fiscal hub volition contented vouchers worthy HK$5,000 ($637) per idiosyncratic to each adults this year, fractional the magnitude issued successful 2022 arsenic Chan attempts to dial down fiscal spending with an oculus connected the city's coffers.

Chan told legislators the metropolis was astatine the opening of an economical recovery, nary longer shackled by stringent COVID measures that person isolated it from the remainder of the world.

"I judge that Hong Kong's system volition visibly retrieve this year, and I stay positive," Chan said.

"However, the economical betterment is inactive successful its archetypal stage, and determination is simply a request for our radical and businesses to regain vigour."

Hong Kong counts connected accrued cross-border concern with mainland China, which has besides fixed up enforcing Covid rules.

The metropolis had spent much than HK$600 cardinal ($76.44 billion) connected assorted pandemic alleviation programs for the past 3 years, forcing it to tally uncommon fund deficits.