for The past year of civil unrest and violent demonstrations have been both a windfall and a challenge for the government, and had a great impact on the economy. In addition, there is a concern about the new coronavirus. The minister of finance, mr Paul Chan Mo-po, when he presented the budget for the coming year, writes China Morning Post.
the focus will be on implementing various stimulus measures, the recent Industry was the first to report. It includes, among other things, a series of tax cuts on real estate, electricity, public housing rents, and the profit tax of the enterprises. But it is, perhaps, the most surprising was the news that all of the permanent residents of Hong kong over the age of 18 years shall receive a cash payment of 10,000 hong kong dollars (approximately 12,500 euros) from the government.
The new economic package is worth the equivalent of sek 150 billion. However, the most generous in the payments also mean that Hong kong is moving towards a budget deficit at a record 139 billion hong kong dollars (174 billion dollars), equivalent to 4.8 per cent of GDP.
In the fall, chose the region, the government is to reduce the growth forecast for the year 2020, and is looking to-GDP ratio will decline for the first time since 2009.
this says that the lower interest rates on loans, and other subsidies will help them through the tough times.
stored in the barns for a rainy day, and today we are opening up to them, and the parts are out of stocks, said Chung told the newspaper, adding that he believed that the budgetary strategy is to increase the government’s popularity.
A recent survey showed that only 9 per cent of Hong kong residents supporting the government, according to the China Morning Post.
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