Economics
Every Adult in Hong Kong to Get Cash Handout of $1,284
- Financial Secretary Paul Chan projects record budget deficit
- Annual budget includes HK$120 billion relief package
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Hong Kong’s government unveiled a budget packed with giveaways including a one-time cash handout that economists said isn’t likely to spur growth, as the city struggles to stabilize an economy battered by political unrest and the coronavirus.
The main feature of the annual budget announced Wednesday is a payment of HK$10,000 ($1,284) to each permanent resident of the city 18 or older, aiding a population “overwhelmed by a heavy atmosphere,” Financial Secretary Paul Chan said. Chan estimated the deficit will reach a record HK$139.1 billion in the coming fiscal year.