Hong Kong unveils stimulus package with cash handout

Paul Chan, Hong Kong's financial secretary, delivers his budget speech at the Legislative Council in Hong Kong, China, on Feb. 26, 2020. - Bloomberg

HONG KONG (Bloomberg): Hong Kong Financial Secretary Paul Chan announced a HK$120 billion (US$15.4 billion) relief package, in an effort to shore up economic confidence in a city battered by political unrest and the coronavirus.

The main feature of Chan’s annual budget announced Wednesday (Feb 26) is a payment of HK$10,000 to each permanent resident of the city 18 or older. He unveiled an official forecast for economic growth this year of between -1.5% and 0.5%, and confirmed a contraction of 1.2% in 2019.