Hong Kong Announces Additional Stimulus Measures
October 22 2019 - 4:34AM
RTTF2
Hong Kong Financial Secretary Paul Chan on Tuesday announced a
new round of measures to support the economy hit by domestic
anti-government protests.
Chan's new package worth HK$2 billion is intended to support
enterprises and safeguard jobs, particularly in hard-hit sectors.
This was in addition to the HK$19.1 billion stimulus unveiled in
August and early September.
"In the face of the economic downturn, both enterprises and
residents alike are in need of support," Chan said.
"Although the launch of the various rounds of supporting
measures may cause fiscal deficit, with sound financial strength
the Government will utilize our financial reserves to implement
timely and suitable counter-cyclical measures, so as to stimulate
the economy and relieve people's hardship, and go through the wave
of economic downturn with the community together," Chan added.
Measures announced by Chan include a one-off survey fee subsidy
for local commercial marine vessels costing HK$16.5 million to
support around 6,300 vessels.
He also unveiled a 50 percent reduction in rental fees for
public car parks, catering establishments and retail stores in
government land.
Further, the government also introduced a six-month fuel subsidy
or a one-off subsidy to assist the transport trades. This will cost
about HK$1.365 billion and benefit around 61,000 taxi/red minibus
drivers, 180 public transport operators, and owners of 130,000
commercial vehicles and vessels, Chan said.
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