POST-PANDEMIC RECOVERY IN SIGHT: FS

Hong Kong’s economy will undergo a revival after the COVID-19 pandemic is brought under control with the help of citywide efforts and the support of the central government.

Financial Secretary Paul Chan made the statement while attending a radio programme this morning to answer concerned citizens questions about the 2022-23 Budget.

While acknowledging that the economy may go into negative growth in the first quarter of this year, Mr Chan said he is optimistic that such financial gloom will be behind the city once the COVID-19 situation is contained.

“With the support of the central government and the assistance rendered by the different central authorities and the municipal authorities, and also the united efforts - concerted effort of the government and the people of Hong Kong - I am very confident that within the next two to three months, the pandemic situation here will be bought in the control.

“And thereafter if we follow the dynamic zero infection policy, like last year, the economy will return to the normal track - people will come out, have their ordinary activities and then spend.”

Measures in the Budget aimed at economic support for people’s livelihood include the second round of the Consumption Voucher Scheme. Electronic consumption vouchers with a value of $10,000 will be disbursed to eligible Hong Kong permanent residents and new arrivals aged 18 or above, with the first instalment of $5,000 to be handed out in April.

The Financial Secretary explained that the dispensing of such funds electronically is the fastest way to benefit the target recipients.

“The final decision to pick the Consumption Voucher Scheme rather than the Cash Payout Scheme is that currently under the attack of this wave of COVID-19, many people in Hong Kong, particularly those in the lower income groups, have been heavily affected. So we want to provide certain relief as quickly as possible.

“Last year, about 6.3 million people registered and this data is already with us. So using the same data set to give another round of the voucher would be the fastest.”

The finance chief added that the Government decided not to use the voucher scheme as an incentive for vaccination because most of those who are not vaccinated are elderly people who need financial relief.

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