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Hong Kong unveils $10bn budget relief package | Hong Kong unveils $10bn budget relief package |
(40 minutes later) | |
Hong Kong has unveiled measures worth 80bn Hong Kong dollars ($10bn; £6.5bn) to help local residents and businesses prepare for a "difficult year." | Hong Kong has unveiled measures worth 80bn Hong Kong dollars ($10bn; £6.5bn) to help local residents and businesses prepare for a "difficult year." |
The measures, announced in the annual budget, include tax rebates, loan guarantees, and subsidies. | The measures, announced in the annual budget, include tax rebates, loan guarantees, and subsidies. |
Hong Kong's financial secretary said the package would boost the economy by 1.5 percentage points in 2012. | Hong Kong's financial secretary said the package would boost the economy by 1.5 percentage points in 2012. |
John Tsang warned that "bleak" economic prospects for the US and Europe would lead to slower growth in Hong Kong. | John Tsang warned that "bleak" economic prospects for the US and Europe would lead to slower growth in Hong Kong. |
"I am not optimistic about Hong Kong's export performance in the first half of the year," he said. | "I am not optimistic about Hong Kong's export performance in the first half of the year," he said. |
Mr Tsang said Hong Kong's economy would grow by 1% to 3% in 2012 but the forecast range was larger than usual because of the uncertain global economy. | Mr Tsang said Hong Kong's economy would grow by 1% to 3% in 2012 but the forecast range was larger than usual because of the uncertain global economy. |
Hong Kong's economy grew by 3% in the last three months of 2011 from the same period a year earlier, he said. The rate was the slowest in two years and below economists' forecasts. | Hong Kong's economy grew by 3% in the last three months of 2011 from the same period a year earlier, he said. The rate was the slowest in two years and below economists' forecasts. |
The relief measures unveiled by Mr Tsang included a personal tax rebate of 75% up to a ceiling of HK$12,000, increased tax allowances, electricity bill and property rates subsidies and two free months' rent for public housing tenants. | |
For businesses, measures included loan guarantees for small and medium-sized companies, and corporate tax rebates. | For businesses, measures included loan guarantees for small and medium-sized companies, and corporate tax rebates. |
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