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Financial News: Hong Kong Announces Additional Stimulus Measures

Hong Kong Announces Additional Stimulus Measures

10/22/2019 - 08:34:00 (RTTNews)

(RTTNews) - 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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