HONG KONG: Hong Kong will give more handouts to consumers to support the city's recovery from a prolonged economic downturn induced by COVID-19 restrictions, Financial Secretary Paul Chan announced in the 2023/24 budget on Wednesday (Feb 22). The global financial hub will issue vouchers worth HK$5,000 (US$
HONG KONG: Hong Kong will give more handouts to consumers to support the city's recovery from a prolonged economic downturn induced by COVID-19 restrictions, Financial Secretary Paul Chan announced in the 2023/24 budget on Wednesday .
Chan told legislators the city was at the beginning of an economic recovery, no longer shackled by stringent COVID-19 measures that have isolated it from the rest of the world. "However, the economic recovery is still in its initial stage, and there is a need for our people and businesses to regain vigour."
The city had spent more than HK$600 billion on various pandemic relief programmes for the past three years, forcing it to run rare budget deficits.
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