Hong Kong's Financial Secretary Paul Chan struck a positive tone on Wednesday as he revealed the city's budget.
Hong Kong's Financial Secretary Paul Chan struck a positive tone during his budget speech on Wednesday as he revealed measures to boost economic recovery after the Covid-19 pandemic, as well as incentives to help businesses and residents.
As part of the budget incentives, Hong Kong will handout consumer vouchers worth HK$5,000 per person to all adults this year. This compared with HK$10,000 for the previous round in 2022. Hong Kong's economy is expected to see a rebound of 3.5% to 5.5% in 2023, after shrinking 3.5% in 2022, Chan said., for the first time in three years.
"Domestically, the outbreak of the fifth wave of the epidemic early last year and tightened financial conditions weighed heavily on domestic demand," said Chan on Wednesday.
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