Economics
Hong Kong Gives HK$120 Billion Boost to Economic Recovery
- Residents will get spending vouchers, loans for unemployed
- Planned hike in stamp duty for stock trading sparks selloff
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Hong Kong gave consumers a boost with spending vouchers and loans for the unemployed, while hitting investors with a planned tax hike on stock trading.
Financial Secretary Paul Chan outlined HK$120 billion ($15.5 billion) of fiscal support in his budget Wednesday to spur consumption and ease joblessness in an economy that’s slowly recovering after two years of recession. To boost revenue, he proposed raising the stamp duty on trading to 0.13% from 0.1%, sparking a selloff in equities.