Ho Iat Seng instructs finance secretary to mull extra consumption subsidy

Commenting on the overall global economic outlook, Chief Executive (CE) Ho Iat Seng advised that Secretary for Economy and Finance Lei Wai Nong has been undertaking constant evaluation of economic circumstances.

The CE was asked whether another round of consumption subsidy would be issued, on the side-lines of a public event held over the weekend.

Last week, Hong Kong Financial Secretary Paul Chan Mo-po announced the issuance of HKD10,000 worth of electronic consumption vouchers.

In response, Ho said that the local finance secretary had been evaluating the situation and more news will be released as it becomes available.

The head of the government has also commented on the impact of the Hong Kong Covid-19 outbreak and the Russia-Ukraine conflict. He said he did not have an evaluation on the depth of the impact but was certain that a rising trajectory of oil prices will have an effect on local inflation.

Meanwhile, the Covid-19 outbreak in Hong Kong, which equates to an unpredictable delay in normalization of border controls, will inevitably restrict the bounce-back of local tourist arrivals. Although over the last couple of weeks, more tourists have arrived from mainland China, the CE hinted that Beijing will not allow mass visits to Macau.

He also expressed that he understands smaller enterprises had been struggling, but the current Covid-19 management protocols will be maintained. AL