Hong Kong to give big cash handouts as economy reels from virus


Hong Kong’s government on Wednesday said it will give a HK$10,000 ($1,280) handout to seven million permanent residents in a bid to jump-start a recession-hit economy now compounded by the coronavirus outbreak. Financial Secretary Paul Chan unveiled the cash gift in an annual budget, committing $120 billion to help alleviate the worst economic downtown the international financial hub has faced in a decade. Hong Kong boasts significant fiscal reserves of more than HK$1 trillion built up over the boom years, a stockpile that the government is now tapping into.

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