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Hong Kong Will Launch New Round of Virus Stimulus Measures By Bloomberg

© Bloomberg. Commuters wearing protective masks walk through Hong Kong Station, operated by MTR Corp., in Hong Kong, China, on Wednesday, July 15, 2020. Hong Kong implemented its strictest suite of social distancing measures yet as the Asian financial hub looks set to be the first in the region where a new outbreak surpasses previous waves in severity. Photographer: Lam Yik/Bloomberg

(Bloomberg) — Hong Kong will launch a new round of its virus relief fund, as the city’s economy continues to suffer from a recession that was prompted by pro-democracy protests and worsened throughout the global pandemic.

The city will provide more information about another round of stimulus spending at a press conference on Tuesday afternoon, Chief Executive Carrie Lam said at a weekly briefing before a meeting of her advisory Executive Council.

The fresh funding would add to nearly HK$290 billion ($37 billion) in direct Covid-19-related relief measures since the pandemic began, including cash handouts, tax relief, industry subsidies and funding for hospitals and other virus control measures.

Hong Kong’s economy has been battered by repeated setbacks over the past year from the U.S.-China trade war and anti-government protests. The virus has only further devastated the city’s tourism, retail, food and beverage and hospitality sectors. In mid-August, the government revised its 2020 economic forecast to a record low range of -6% to -8%.

©2020 Bloomberg L.P.

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