Hong Kong’s government on Wednesday said it will give a 10,000 Hong Kong dollars 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 a colossal 120 billion Hong Kong dollars to help alleviate the worst economic downturn the international financial hub has faced in a decade.
Hong Kong boasts significant fiscal reserves of more than 1 trillion Hong Kong dollars built up over the boom years, a stockpile that the government is now tapping into.
The cash handout alone will cost 71 billion Hong Kong dollars but officials hope consumers will plough much of the money back into local businesses.
The cash handout was for permanent residents aged 18 and above, including those residing overseas.