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| April, 2020 |
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To combat the world’s worst health crisis in decades, the Hong Kong Special Administrative Region Government has spared no time in implementing a wide range of anti-epidemic measures since early January 2020 in response to the rapid development and increasing severity of the disease. The measures are necessary to safeguard the health and safety of the people in Hong Kong as well as the wider international community. |
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While Hong Kong is fighting the virus in a long battle on the medical front, a wide range of economic activities have been severely disrupted. The Chief Executive of the Hong Kong Special Administrative Region, Mrs Carrie Lam, announced on 8 April, 2020, a series of measures involving HK$137.5 billion (about $AUD28.6 billion) to help businesses stay afloat, keep workers in employment, relieve financial burdens of individuals and businesses and assist the economy to recover once the epidemic is contained. |
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This takes to HK$287.5 billion (about AUD$59.9 billion) - about 10% of Gross Domestic Product - the total pledged by the Hong Kong SAR Government to help offset the economic fallout from COVID-19 including the HK$120 billion (about AUD$25 billion) relief package in the 2020-21 Budget and the HK$30 billion (about AUD$6.25 billion) Anti-epidemic Fund. |
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The measures cover four major areas:
- Job retention, job creation, job advancement
- Sector specific relief
- Government rental concessions, fee waivers, deferral of loans
- Other relief through Government facilitation
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The Hong Kong SAR Government will submit funding applications to Finance Committee of the Legislative Council for the proposed measures. |
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For details of the measures, please refer to the press release, transcript, and supplementary information. |
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