Hong Kong Financial Secretary Paul Chan announced the budget for 2021-22 on Wednesday. The city’s economy has been hit hard by the pandemic, recording a deficit of HK$257.6 billion in the current fiscal year, with the economy shrinking by 6.1 per cent.

In addition to a series of tax deductions and subsidies to businesses and individuals, the government plans to distribute HK$5,000 electronic spending coupons to all adult residents, and offer government-guaranteed loans to the unemployed in hopes of reviving the economy.

Paul Chan delivers the 2021 budget. Photo: GovHK.

HKFP rounds up the reaction as Hong Kong records its biggest economic decline for decades.



Please enter your comment!
Please enter your name here