Hong Kong’s financial secretary is stuck between a pandemic rock and an economic hard place. Paul Chan on Wednesday laid out a budget for the financial year starting in April dedicating HK$170 billion ($22 billion), roughly equivalent to 6% of annual economic output, to alleviating new pandemic restrictions as infections cross 8,000 per day. The plan reflects the city’s struggle to balance conflicting priorities.
With daily cases hitting an all-time high, the special administrative region is failing to fulfil Beijing’s mandate to eliminate the virus, a condition of full reopening with the mainland market. Until now life inside the city was masked but otherwise normal thanks to tight restrictions on travel. Then the Omicron variant showed up.
It might not be enough. The timeline implies the outbreak will be curbed within a few months, allowing positive GDP growth of around 2.0%-3.5% for calendar year 2022. But as the real estate stimulus suggests, the administration is trying balance the interests of powerful business constituencies with acting tough for Beijing. In fact, the new social restrictions fall far short of China’s control model.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Hong Kong orders mandatory COVID-19 tests for all residentsHong Kong's leader says the city will test its entire population for COVID-19 in March as it grapples with its worst outbreak driven by the omicron variant.
Baca lebih lajut »
Hong Kong Sets All Schools for Covid-19 Response CentersThe move shifts the holidays forward several months as part of a raft of measures to combat an Omicron surge in the face of pressure from Chinese leaders in Beijing to contain the disease.
Baca lebih lajut »
COVID cases drop again and travel restrictions are lifted, but places like Hong Kong worsenThe World Health Organization is largely making moves in returning multiple countries back to 'normal'. Some places, however, have cases on the rise and are testing residents en masse. Here's that and more COVID news.
Baca lebih lajut »
COVID cases drop again and travel restrictions are lifted, but places like Hong Kong worsenThe World Health Organization is largely making moves in returning multiple countries back to 'normal'. Some places, however, have cases on the rise and are testing residents en masse. Here's that and more COVID news.
Baca lebih lajut »
Exiled Artists Launch Hong Kong Film Festival in the U.K.Hong Kong protest films “Revolution of Our Times” and “May You Stay Forever Young” will have their British premiere in March at a new film festival organized by artists and culture sector workers w…
Baca lebih lajut »