Financial Secretary Paul Chan Mo-po has announced that Hong Kong’s fiscal position for the upcoming fiscal year is much better than expected. This is despite the massive counter-cyclical measures proposed to stabilize the economy. Chan said economic activities were able to recover relatively strongly, supporting government revenues, as the epidemic remained stable and under control, and the mainland and global economic environment was positive. Chan's announcement came as Hong Kong was hit by an Omicron wave that led to stringent social-distancing measures and lockdowns in some areas. Chief Executive Carrie Lam Cheng Yuet-ngor said last week that disbursement of the fifth round of anti-pandemic fund subsidies worth HKD3.57bn may come as soon as before the Lunar New Year where businesses can receive half of the funding they received in the last round, while individuals can receive two thirds.
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