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Hong Kong struggles to resume economic growth

20.08.2020 158 просмотров

Hong Kong has committed an unprecedented amount of funds to support businesses and individuals affected by the coronavirus epidemic.


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> The Hong Kong authorities have adopted a package of measures, unprecedented in terms of the amount of allocated funds, aimed at supporting the economy of this special area of China. The funds will be used to stimulate the recovery of the faltering economy of the autonomy and support people whose incomes have fallen as a result of the pandemic and social unrest that has been regularly shaking this territory since the beginning of the year.

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Thus, 80 billion Hong Kong dollars (about 10 and a half billion dollars) for payments to pensioners, workers with reduced work schedules due to technical downtime of enterprises, as well as for subsidies to real estate enterprises and supermarkets. In addition, the authorities have reduced the tax burden and started paying subsidies for schoolchildren (about $300 per student at a time) and for electricity for each family (about $250 at a time).

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"A set of measures and allocated for implementation The funds of this program include various initiatives to support both individuals and legal entities.The second phase of the program is aimed at paying subsidies to employees of enterprises," explained Louis Chen, secretary general of the Hong Kong Exchange. "I believe that it's worked out very well.We can even use the funds not only to fight the coronavirus, but also to further develop the economy." 

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In the second quarter of this year, the autonomy's revenues were 9% lower than in the same period last year. Experts attribute this drop in economic performance to the stringent measures taken locally to combat the coronavirus pandemic.

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