Hong Kong's financial secretary announced HK$16.8bn ($2.2bn, €1.6bn, £1.4bn) in additional stimulus measures yesterday to help rescue the territory from its steepest economic decline in more than a decade, writes Tom Mitchell.
Hong Kong's first quarter GDP fell 7.8 per cent over the same period last year, and 4.3 per cent quarter on quarter.
“Economic indicators for the first quarter of this year . . . show that the economy is facing severe challenges,” John Tsang said in announcing the new measures. The package would be “simple and direct, involving no new policies, so that they can benefit the community as soon as possible”.
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