Hong Kong's government announced an economic support package worth HK$19.1 ...
HONG KONG - Hong Kong’s government announced an economic support package worth HK$19.1 billion on Thursday as escalating political protests and the prolonged Sino-U.S. trade war weigh heavily on the Asian financial center.
Chan said the measures include subsidies for the underprivileged and business enterprises, as well as somewhat higher salary tax rebates, but said the measures were not related to political pressure from the protests. Ten weeks of increasingly violent confrontations between police and anti-government demonstrators have plunged the international business hub into its worst crisis since it reverted from British to Chinese rule in 1997.
But Chan’s package will unlikely offset the downward pressure on Hong Kong, a small, open economy, said Cliff Tan, East Asian head of global markets research at MUFG.
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