Hong Kong announces HK$120 bil plan to revive virus-hit economy

Government confirms HK$10,000 handout to permanent residents as part of annual budget. FMTNews HongKong

HK’s tourist, restaurant and retail sectors have been hit especially hard with bankruptcies soaring.

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. Hong Kong’s economy is reeling from the US-China trade war, months of pro-democracy protests last year and now the coronavirus: a triple whammy Chan described as “exceptionally austere”.

“Hong Kong’s economy is facing enormous challenges this year,” Chan said, predicting a range of 0.5% growth to a 1.5% contraction this year. Yet public anger still simmers in a city where neither its leadership nor Beijing have addressed the issues fuelling years of rising resentment.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

fmtoday /  🏆 5. in MY

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 bans non-resident arrivals from S. Korea over virusIt's the first time Hong Kong has placed restrictions on a country beyond China. FMTNews Coronavirus Covid19
Read more »

HK govt to announce HK$10k payout to every permanent resident - reportThe announcement at the annual budget today is to cushion the blow from the coronavirus outbreak and months of protests.
Read more »

Hong Kong bans non-resident arrivals from S. Korea over virusIt's the first time Hong Kong has placed restrictions on a country beyond China. FMTNews Coronavirus Covid19
Read more »

Trump hails deepening India ties with an eye to countering ChinaUS announces US$3 bil military deals, pledges to strike trade pact. FMTNews Trump China
Read more »

'Mission: Impossible VII' halts Italy filming over virus outbreakImpossible to continue with planned filming due to virus outbreak in Venice. FMTNews
Read more »

Global markets tumble as Covid-19 spreads | The Malaysian InsightAmerican public health officials warn coronavirus likely to hit world’s biggest economy.
Read more »