HONG KONG - Hong Kong is taking steps to boost economic growth while dishing sweeteners, such as the economy grew by only 1.4% last year - the slowest since the recession of 2009.
While a modest recovery is on the cards - GDP is expected to grow between 1.5 and 3.5% this year, Financial Secretary John Tsang outlined the difficult time for the city, struggling with an external environment "unstable "in the coming year and the aging of the population in the long term.
A series of measures will provide immediate assistance to the elderly, families and students. HK $ 56 billion (S $ 9.04 billion) will be spent on social protection - benefits for the former, the exemption for public pensions and subsidies for electricity.
Another major piece - HK $ 63 billion - will go to education, including an injection of HK $ 15 billion in a training fund to help low-skilled and unemployed and move on up the ladder jobs.
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