Hong Kong Financial Secretary Paul Chan has announced that the government will issue electronic consumption vouchers in installments with a total value of $5,000 to Hong Kong permanent residents and new arrivals aged 18 or above, Report informs, referring to HK News.
Chan said the government should use its fiscal reserves to energize the market, stimulate the economy and facilitate the speedy recovery of the consumption market and other economic segments given the current special situation.
The vouchers, aiming to boost local consumption, will cost about $36 billion and benefit around 7.2 million people.
He explained that the government would identify suitable stored value facilities operators to help roll out the scheme.
Chan said $1.5 billion will be injected into the Dedicated Fund on Branding, Upgrading & Domestic Sales to help businesses explore markets. The government will substantially extend its geographical coverage from 20 to 37 economies.
The funding cap for enterprises will be raised from $4 million to $6 million each to support them in exploring more diversified markets.