The Hong Kong government unveiled a HK$19.1 billion ($2.4 billion) package on Th...
HONG KONG - The Hong Kong government unveiled a HK$19.1 billion package on Thursday to support a slowing economy as escalating political protests and the prolonged U.S.-China trade war weigh heavily on the Asian financial centre.
The measures include subsidies for the underprivileged and business enterprises, as well as somewhat higher salary tax rebates. The government will also provide a 90% guarantee for approved loans to small and medium sized businesses, create more construction jobs, and hand HK$2.3 billion of subsidies to 900,000 school students.
Tourists are cancelling hotel bookings and retailers are forecasting a sharp drop in sales, adding to the pressure on local businesses from the year-long trade war and China’s broader economic slowdown. “The world’s going into recession ... Hong Kong will not be able to somehow ride that out without being affected,” he said, adding that China’s economy was also struggling.
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