Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Carrie Lam said Wednesday that she supports the proposals in the just-unveiled 2020-21 Budget to combat COVID-19, offer aids to people in need and bolster the economy.
The Financial Secretary of the HKSAR government Paul Chan on Wednesday morning delivered the annual budget of the government at a time when Hong Kong is facing unprecedented challenges to the health of the economy and well-being of the community.
Chan promised counter-cyclical measures worth over 120 billion Hong Kong dollars (15.4 billion U.S. dollars), tax reduction and cash handout for residents and businesses, and further efforts to develop a diversified economy.
"I support the bold and substantive proposals in the 2020-21 Budget," Lam said in a statement.
In terms of a proposed cash payout of 10,000 Hong Kong dollars to permanent residents aged 18 and above, Lam said she believes that it is a justifiable and effective measure given the extraordinary challenges in Hong Kong.
"For some people, the cash payout will help to make ends meet in their hour of need. It will also encourage local consumption and inject some much-needed impetus into the economy," she said.
The government should make good use of Hong Kong's healthy fiscal reserves accumulated over the years to help Hong Kong weather the storm, Lam said.
Lam said she also welcomes proposals to reinforce Hong Kong's pillar industries including finance and foster emerging sectors, such as innovation and technology.
Lam appealed to members of the Legislative Council and society at large to support the budget proposals in a bid to facilitate the early implementation.
"In these unprecedented times, I am confident that the 2020-21 Budget proposals will provide effective and targeted support to help the Hong Kong community withstand the current difficulties and gear up for a brighter tomorrow," Lam said.
