The Financial Secretary of Hong Kong, Paul Chan Mo-Po, during his budget presentation speech on Wednesday, has confirmed the government’s intention of handing out financial reliefs to its citizens.
The Relief Deal stipulates that citizens aged 18 and above will receive HK$10000 (U.S$1200) each, in a bid to ease their economic burden caused by the corona-virus epidemic and anti-government protests that have plagued the administrative region in recent times.
The Hong Kong government is also placing a 100% guarantee on low-interest loans taken by indigenous companies. It also promised, rebates in salary and property tax, reduced public housing rent, double salary for low-income earners, waivers for some public fees, reduced profit tax on companies, and subsidised electricity bills.
These expenditures on the Relief Deal will cost the government an estimated amount of HK$139 billion, but it is termed necessary by the government who have been under intense pressure by its lawmakers to utilise part of its fiscal reserve of HK$1.1 trillion in alleviation of the economic mess of the administrative region.