Hong Kong’s government said on Wednesday it will give a HK$10,000 ($1,280) handout to permanent residents in a bid to jump-start an economy in recession after months of protests and the coronavirus outbreak .
Financial Secretary Paul Chan unveiled the cash gift in the annual budget, committing a colossal HK$120 billion to help alleviate the worst economic downturn the international financial hub has faced in a decade.
Hong Kong boasts significant fiscal reserves of more than HK$1 trillion built up over the boom years, a stockpile that the government is now tapping into.
The cash handout to around seven million permanent residents will cost HK$71 billion, but officials hope consumers will plough much of the money back into local businesses. “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.
Published - February 26, 2020 10:01 pm IST
