HONG KONG (AFP) – Hong Kong's government said it will give a HK$10,000 ($1,280) handout to seven million permanent residents in a bid to jump-start a recession-hit economy now compounded by the coronavirus outbreak.
Financial Secretary Paul Chan unveiled the cash gift in an annual budget, committing $120 billion to help alleviate the worst economic downtown the international financial hub has faced in a decade.
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.
The cash handout alone will cost HK$71 billion but officials hope consumers will plough much of the money back into local businesses.