Hong Kong unveils new measures to tackle tough economic situation

Hong Kong unveils new measures to tackle tough economic situation

DR

A string of measures including tax reduction and cash handout will be taken to further tackle the tough economic situation, Financial Secretary of China's Hong Kong Special Administrative Region (HKSAR) government Paul Chan said on Wednesday.

Delivering Hong Kong's annual budget Wednesday, Chan said the HKSAR government will adopt an expansionary fiscal stance and make optimal use of its fiscal reserves to implement counter-cyclical measures, with the objective of "supporting enterprises, safeguarding jobs, stimulating the economy and relieving people's burden," so as to help Hong Kong tide over the difficulties.
Chan said that Hong Kong's economy has seen negative growth since the second half of 2019 and four rounds of support measures targeted at enterprises and individuals, involving a total of over 30 billion HK dollars (about 3.85 billion U.S. dollars) have been announced since August last year.

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