Adult residents of Hong Kong can expect a little extra from the government soon. The Hong Kong government is going to distribute money to boost the economy of the special administrative region. Adult residents will soon receive 10,000 Hong Kong dollars, converted around 1,100 euros.
The measure is being taken to encourage the population to spend more. The Hong Kong economy has been sputtering for ages due to the outbreak of the corona virus in the region and the ongoing demonstrations in the country. The country has been in a recession for quite some time and saw the economy shrink by 1.2 percent in 2019.
"The social events of recent months and the coronavirus epidemic have hit the Hong Kong economy hard," said Paul Chan, the finance minister at the presentation of the budget, which includes helicopter money.
Hong Kong is not the only one in the region that is going to give money directly to residents to stimulate the economy. Singapore announced the same step last week: Singo pores older than twenty years get somewhere between 100 and 300 Singapore dollars, converted between 66 and 197 euros.