Support for COVID-19 Damage... Hong Kong Plans to Distribute 1.56 Million KRW Cash to Residents Party

[Image source=AP Yonhap News]

[Asia Economy Reporter Yuri Kim] The Hong Kong government is expected to distribute HKD 10,000 (approximately 1.56 million KRW) in cash to residents aged 18 and over.

According to AP News and others on the 26th, Paul Chan, Hong Kong's Financial Secretary, proposed emergency measures including subsidies to the Hong Kong legislature to alleviate economic losses caused by the COVID-19 pandemic and pro-democracy protests.

Hong Kong's tourism industry declined and business activities contracted last year due to the pro-democracy protests, and difficulties worsened with the spread of COVID-19. This time, Hong Kong plans to invest more than HKD 1 trillion (about 170 trillion KRW), including subsidies, to prevent economic recession and garner support for the government.

The measures include a 100% income tax exemption up to HKD 20,000, doubling monthly living expenses for low-income households, reductions in corporate tax and electricity bills, and financial support for the Hong Kong Trade Development Council, Hong Kong Tourism Board, arts, and public hospitals.

Additionally, to foster the high-tech industry, HKD 2 billion will be invested to convert old factories on the outskirts of the city into microelectronics centers. HKD 3 billion will be spent to expand the advanced science research park.