, Hong Kong

BUDGET 2023: HK to give $5k consumption vouchers to ease economic woes

The government will also hold off on increasing taxes.

The Hong Kong government will give $5k consumption vouchers to help ease the city’s economic and financial stress.

In a press conference after he delivered the 2023 Budget, Financial Secretary Paul Chan said that the vouchers are part of the government’s initial stages for Hong Kong’s economic recovery.

“We thought that, at the moment, some of our citizens are suffering a lot of financial stress. So perhaps we should give a little helping hand,” Secretary Chan said. 

He added that considering the city’s financial situation, they have decided that the $5k consumption vouchers are “the best way we can do.”

Secretary Chan also explained why the government did not opt for a salary and profit tax increase to expand its revenue despite the deficit.

He said that the people, and the city’s small and medium-sized enterprises, have been suffering over the past three years due to economic setbacks caused by the pandemic and inflation.

“We want to give people more room for breathing space and more opportunities to repair their balance sheet,” he said.

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!