trending Market Intelligence /marketintelligence/en/news-insights/trending/ujxYqPVRHl9PGZl1EmdQoA2 content esgSubNav
In This List

Hong Kong announces initiatives to bolster economy

Blog

Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blog

Banks’ Response to Rising Rates & Liquidity Concerns


Hong Kong announces initiatives to bolster economy

Financial Secretary Paul Chan made public a number of measures to support Hong Kong's economy as it struggles with political turmoil and braces for a potential technical recession, Bloomberg News reported.

Chan announced at a press conference a series of initiatives including public real estate rent reduction, inspection and fuel subsidies for ships and public transport, and assistance to travel agents and the travel industry, Bloomberg News said.

The announcement follows Hong Kong Chief Executive Carrie Lam's unveiling last week of measures such as land supply expansion for housing development, a proposal to hike household allowances and improvements to public transport subsidies. She warned that the city had already slipped into a technical recession.

Business activity in Hong Kong's private sector plunged to its weakest level in more than a decade in August.