Hong Kong will introduce 120 billion Hong Kong dollars ($15.4 billion) in fiscal measures to help businesses and residents impacted by the coronavirus pandemic, as it looks towards economic growth later this year following a recession in 2020. Unemployed residents can get loans capped at 80,000 Hong Kong dollars ($10,300) in a programme that postpones payments for the first year and charges 1% interest. The measures come after Hong Kong last week reported a 7% jobless rate between November and January, the highest since April 2004. Vouchers worth 5,000 Hong Kong dollars ($645) will also be issued in instalments to residents to boost consumption. Hong Kong, as a semi-autonomous Chinese city, will benefit from this.

Source: The Hindu February 24, 2021 06:45 UTC