Hong Kong economy contracts most on record due to virus shutdown

HONG KONG: Government's data on Monday (May 4) showed that Hong Kong’s downturn is now the worst on record, extending the first recession seen in a decade as the coronavirus outbreak further battered an economy already weakened by political unrest. The city’s economy contracted 8.9% in the first quarter from year-ago levels.

Return of Hong Kong violence condemned

HONG KONG, May 4 (China Daily/ANN) - The return of lawlessness and violence to the streets of Hong Kong over the Labor Day holiday has drawn widespread criticism and spread unease throughout the city.

Hong Kong’s Chan warns city could face deepest slump on record

HONG KONG: Hong Kong Financial Secretary Paul Chan on Sunday (May 3) warned the city could be hit by its worst economic slump on record even as authorities prepare to ease some lockdown measures amid signs the coronavirus outbreak has been contained.

Hong Kong expects economy to shrink between 4% and 7% in 2020

HONG KONG (Bloomberg): Hong Kong Financial Secretary Paul Chan expects the city’s economy to contract as much as 7% this year amid the global coronavirus pandemic, much worse than his original projection when presenting the budget in February.

Senior official: Financial risk remains controllable in Hong Kong

HONG KONG: Financial Secretary of China's Hong Kong Special Administrative Region government Paul Chan said Sunday (Apr 26) that the financial risk remains controllable in Hong Kong despite the double blow from the violent incidents last year and the recent Covid-19 (coronavirus) epidemic.

Getting it right

HSBC’s dividend shock leaves marks in Hong Kong

HONG KONG: Last month, HSBC Holdings Plc shocked investors by announcing it would scrap its dividend.

How HK is catching up to S’pore in virus stimulus

HONG KONG: Hong Kong is catching up with global peers in its fiscal response to the coronavirus outbreak with the announcement of an “unprecedented” HK$137.5bil (US$17.7bil) stimulus package focused on avoiding mass job losses.

Hong Kong expects deficit surge with unprecedented economic relief measures

HONG KONG,: The Hong Kong Special Administrative Region (HKSAR) government's deficit for this fiscal year is expected to increase remarkably as it rolls out unprecedented rounds of economic relief measures, two top officials of the HKSAR government said on Sunday (April 12), pledging to make good use of Hong Kong's fiscal reserves to mitigate the impact of economic downturn amid the Covid-19 (coronavirus) pandemic.

HK pushes HK$137.5-b stimulus to avoid 'massive layoffs'

HONG KONG (Bloomberg): One of the main focuses of the latest stimulus package announced by the Hong Kong government is to help people keep their jobs and potentially create some as well, said convener of the Executive Council Bernard Chan.