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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.