Hong Kong unveiled Wednesday a package of economic stimulus in its budget for the 2021-22 financial year as businesses and individuals are struggling amid the lingering COVID-19 epidemic.
While embracing a third straight year with a fiscal deficit, the global financial hub still proposed over 120 billion Hong Kong dollars (15.48 billion U.S. dollars) of counter-cyclical measures, aimed at overcoming current hardships and investing for a better future.
It is a "critical time" as Hong Kong is confronted with the dual challenges from COVID-19 and financial distress, Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Carrie Lam said.
Despite all the difficulties, Financial Secretary of the HKSAR government Paul Chan believes that the economy will likely gain a stronger momentum in the second half of 2021 and enjoy a catch-up growth in the next several years when delivering the budget in the Legislative Council.