Hong Kong plans handouts, tax cuts to counter economic woes.
Catch up on the developing stories making headlines.The subsidy was among a slew of emergency measures in a budget presented to the city's legislature Wednesday by Financial Secretary Paul Chan.
The downturn in tourism and business activity from the virus outbreak has compounded the troubles brought on by months of often violent protests last year. The financial center is deploying its more than 1 trillion Hong Kong dollars in reserves to help counter the economic contraction and shore up public support for the government.
To promote growth of high-tech industries, the government plans to spend 2 billion Hong Kong dollars to convert an old factory in the city's outskirts into a microelectronics center, and to earmark 3 billion Hong Kong dollars to expand the city's Science Park.“Although a record high deficit is envisaged in next year's budget, I believe that only with such a budget can we help our community and local enterprises ride out their difficulties," Chan said.
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