Hong Kong to Start Accepting Applications for 1.5 Million Won Support Fund for Permanent Residents from the 21st

[Asia Economy Beijing=Special Correspondent Park Sun-mi] Hong Kong will operate a cash payment system of 10,000 Hong Kong dollars (approximately 1.5 million KRW) for permanent residents starting from the 21st to revive the economy hit by the spread of COVID-19.

According to the South China Morning Post (SCMP) on the 8th, Paul Chan, Hong Kong's Financial Secretary, stated, "Permanent residents of Hong Kong aged 18 and over will be able to apply for the 10,000 Hong Kong dollars support fund starting June 21," adding, "The first cash payments could be made as early as July 8, and all applications will be paid by the end of August."

He explained, "Permanent residents can apply for the support fund until the end of next year," and "I hope the cash will definitely be used to revitalize the economy."

Due to prolonged protests in Hong Kong and the spread of COVID-19 severely impacting the economy, the Hong Kong government decided to provide 10,000 Hong Kong dollars to permanent residents aged 18 and over. The beneficiaries are about 7 million people, and the total budget required is 71 billion Hong Kong dollars. When the Hong Kong government announced the budget on February 26, it stated, "We introduced the cash payment policy to promote local consumption and, on the other hand, to alleviate financial difficulties."

On the same day, Paul Chan responded to reporters' questions about whether the government is considering additional cash support by leaving the possibility open.

He said, "We are not ruling out (additional payments)," but added, "There are many factors to consider." He further stated, "We are closely monitoring the economic situation. Complex measures are needed to solve economic difficulties and ease the pressures citizens are facing."

This content was produced with the assistance of AI translation services.