Budget 2023-24: Hong Kong consumption voucher scheme enters third year – but value halved to HK$5,000 as government balances help with cutting deficit
- Some question consumption vouchers’ effect on the economy and say benefits ‘more psychological than real’
- FInancial Secretary Paul Chan says economic recovery ‘fragile’ and needs shored up with new round of consumption vouchers
Hong Kong is to hand out another round of consumption vouchers – but slashed the value by half to HK$5,000 (US$637) as economists and politicians said they were sceptical about the scheme’s effectiveness in boosting the economy.
Financial Secretary Paul Chan Mo-po said on Wednesday the first instalment of HK$3,000 would be released in April with the remainder given out in the middle of the year and permanent Hong Kong residents and new arrivals will be eligible.
“We are concerned that the economic recovery could be fragile and needs to be consolidated,” Chan said after he delivered the budget for the next financial year.
“We also take into account that some people are still suffering financial stress and we should give them a helping hand.”
But he explained “HK$5,000 is the best we can do” because of the tough economic times and the government’s financial position.
Chan added people who arrived in the city through different admission schemes or to study will also get help, but with the amount reduced to HK$2,500, in line with the past practice.
