Hong Kong’s government said Wednesday it will give a HK$10,000 ($1,280) handout to every permanent resident in a bid to jump-start an economy in recession after months of protests and hit further by the coronavirus outbreak. Financial Secretary Paul Chan unveiled the cash gift in the annual budget, committing a colossal HK$120 billion to help alleviate the worst economic downturn the international financial hub has faced in a decade. Hong Kong boasts significant fiscal reserves of more than HK$1 trillion built up over the boom years, a stockpile that the government is now tapping into.
Source: Hong Kong to give big cash handouts as economy reels from virus
