Bloomberg

Hong Kong introduces HK$10,000 handout as part of stimulus package

The administration of Chief Executive Carrie Lam is trying to stop the slide of the collapsing economy, rolling out the boldest budget in recent years amid blame for government inertia. Foto: Kyle Lam

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 that the deficit will reach a record HK$139.1 billion in the coming fiscal year...

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