HK$6.4b in fresh aid for HK businesses hit hard by virus curbs

The government’s proposal will be deliberated during a special meeting of the Legislative Council’s Finance Committee next Monday, Chief Secretary Matthew Cheung Kin-chung said at a press conference on Thursday evening.

HK$5.5 billion will go toward implementing 19 measures to bail out affected sectors, particularly leisure venues forced to close because of the government's precautionary measures as well as similarly affected restaurants that have been prohibited from providing dine-in service after 6 pm. The rest of HK$900 million will be set aside for emergency use.

Cheung said the latest round of aid is about double that of the previous round, and emphasized a balance should be struck between helping affected industries and maintaining a prudent spending policy.

"We are facing a very difficult, tough fiscal position that we've got to be prudent but at the same time we've got to be compassionate, responsive and strike the right balance. I think we've got the right balance struck here by this package," Cheung said.

Previously, three rounds of anti-pandemic subsidies totaling more than HK$300 billion had been disbursed by the HK government. The government had earlier cited a deficit pressure on the treasury as a reason to not adopt new relief measures but eventually changed its stance as the pain of the ongoing fourth wave deepened.