The Chief Secretary for Administration of the Hong Kong Special Administrative Region, Zhang Jianzong, published a blog on April 12 stating that the new crown pneumonia epidemic has impacted Hong Kong ’s economy and people ’s livelihood. With the urgent needs of enterprises, we are actively responding to severe challenges.
Zhang Jianzong said that the Chief Executive recently announced a new round of bailout measures involving HK $ 137.5 billion, which fully supports business operations, protects the employment of citizens, and reduces their financial burden, and Let the economy recover as soon as possible after the epidemic is under control.
The new round of bailout measures has four major components, namely, job security, job creation, and work efficiency enhancement; assistance to specific industries; government rent reductions and exemptions Expenses, providing loans and deferred repayments; other assistance facilitated by the government.
Zhang Jianzong said that the total expenditure for the new round of relief measures was HK $ 137.5 billion, together with the HK $ 30 billion appropriation from the first round of anti-epidemic funds, plus the financial budget The bailout measures involved in the case were 120 billion Hong Kong dollars. The SAR Government ’s financial commitment for the relief of citizens and businesses amounted to 287.5 billion Hong Kong dollars, accounting for 10% of GDP. Over the past few months, the SAR Government has launched multiple rounds of bail-out measures. Although Hong Kong ’s largest and boldest policy measures have ever brought about fiscal deficits, the current situation is exceptional, and Hong Kong ’s foundation is solid and public finances are still sound.
Zhang Jianzong pointed out that Hong Kong is now in a difficult period, which is the moment to make good use of reserves. While focusing on supporting enterprises and alleviating the hardships of the people, the SAR Government will not let Hong Kong experience a financial crisis, but will also continue to promote the long-term development of Hong Kong and formulate more targeted and forward-looking strategies to pave the way for its subsequent economic recovery.
(Originally titled “Zhang Jianzong: A New Round of Rescue Measures by the SAR Government Aims to Relieve the Urgent Need of the People”)