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Hong Kong U-Turn Wins Tsang ‘One-Night Stand’ Budget Reprieve

Hong Kong Financial Secretary John Tsang won approval for HK$62.2 billion ($8 billion) of handouts after caving in to pressure from lawmakers for cash and tax rebates amid widening inequality that is driving dissent.

Tsang’s budget passed by 33 votes to 19 late last night after his U-turn last month secured the backing of pro-Beijing members of the Legislative Council. All 6.1 million Hong Kong permanent residents will get a HK$6,000 handout, while 1.5 million taxpayers will get a rebate of the same amount.