Most Hongkongers think perks like consumption vouchers are unnecessary in coming budget: Paul Chan
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Most Hongkongers think perks like consumption vouchers are unnecessary in the coming budget, according to Financial Secretary Paul Chan Mo-po. He predicts that the economy will be more stable this year due to falling interest rates. The government had spent a significant amount of money during the pandemic, with the city's deficit reaching about HK$100 billion in the current financial year. The government gave residents vouchers for three consecutive years to boost consumption amid the economic slump caused by the Covid-19 pandemic. Chan expects the local and global economy to become more stable compared to the previous year, given that interest rates have stabilized and may fall later in the year. However, the city will have to rely on local consumption and tourism in the short term as exports still face pressure. Chan emphasized the importance of improving the quality of services and experiences for tourists to encourage them to return to Hong Kong. The city had reached 70% of the pre-pandemic number of tourist arrivals in January. The number of residents leaving Hong Kong for leisure could affect the city's economic prospects. The government will continue to monitor the property market and handle it with care as many residents have invested most of their savings in their homes.
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