Financial Secretary Paul Chan said the spread of the virus has “dealt a heavy blow to many people, disrupting both their life and work.”
The Hong Kong budget is"mainly carrot" instead of stick, and that's good, said Paul Gambles, co-founder of advisory firm MBMG Group.
Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis, told CNBC more spending is"good news," and that the expenditure needs to be targeted at people and businesses who need it most.After two consecutive years of declines, Hong Kong's overall economy saw a"visible recovery" in 2021 with a growth of 6.4%, Chan said.However, Garcia-Herrero said the city's growth predictions were on the optimistic side.
She added that this year's stimulus is"even more important" than last year's, since growth will be slower. "How much we need is not so much about the number, but how targeted it is so that it is not kept in the drawer. That's the key," she said. Hong Kong's economy has been battered by the U.S.-China trade war, domestic political unrest and the Covid pandemic in recent years.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong budget targets COVID relief with tax breaks, handoutsHong Kong will offer tax breaks, handouts and subsidies to small businesses and residents, to mitigate the impact of the most stringent social restrictions imposed in the city to curb the spread of COVID-19, Finance Secretary Paul Chan said.
Read more »
Hong Kong Film Festival Delayed Due to Omicron SurgeThe decision came as little surprise as Hong Kong continues to weather its worst infection surge of the pandemic.
Read more »
COVID cases drop again and travel restrictions are lifted, but places like Hong Kong worsenThe World Health Organization is largely making moves in returning multiple countries back to 'normal'. Some places, however, have cases on the rise and are testing residents en masse. Here's that and more COVID news.
Read more »
COVID cases drop again and travel restrictions are lifted, but places like Hong Kong worsenThe World Health Organization is largely making moves in returning multiple countries back to 'normal'. Some places, however, have cases on the rise and are testing residents en masse. Here's that and more COVID news.
Read more »
Exiled Artists Launch Hong Kong Film Festival in the U.K.Hong Kong protest films “Revolution of Our Times” and “May You Stay Forever Young” will have their British premiere in March at a new film festival organized by artists and culture sector workers w…
Read more »
Hong Kong: What went wrong with its Covid plan?The city saw early success with its zero Covid policy, but Omicron has brought it to its knees.
Read more »