On Wednesday evening, the Hong Kong government announced an additional economic stimulus of $4 billion ($511 million) from Hong Kong, bringing the total boost to $25 billion (about $3.2 billion) from Hong Kong.
In the last four months, it has been the fourth economic support package for the major city, much of which supports tourism, retail and transportation.
Since June, Hong Kong, a former British colony that returned to Chinese rule in 1997, has seen widespread protests, some of which have resulted in violent clashes between protesters and police.
The government of Hong Kong is open to further steps that will help support the economy of the city.
Edward Yau, commerce and economic development secretary of the city, said that on Thursday. “Hong Kong is of course hit doubly by a sort of twin cycle — U.S.-China trade war and also the local unrest; I think the enterprises are hard hit,” Yau told CNBC’s “Street Signs.”
“The Hong Kong government has been rolling out support measures for businesses even before the social unrest started this year to help enterprises cope with the fallout of the U.S.-China trade war”, Yau added.
Yau said that, “In addition to these, I think we are having an open mind and we will constantly talk to various trades and see how best we can soldier on and ride our storm,”.
The Hong Kong government announced on Wednesday an additional economic stimulus of $4 billion ($511 million) from Hong Kong, bringing the total relief provided to $25 billion (about $3.2 billion) from Hong Kong.
It was the fourth economic support package for the city, much of which helps the tourism, retail and transport industries.
Since June, Hong Kong, a former British colony that returned to Chinese rule in 1997, has seen widespread protests, some of which have resulted in violent clashes between protesters and police.
Initially, the protests were triggered by a proposed law that would have allowed extradition to mainland China, but the unrest later evolved into larger anti-government movements that included demands such as greater democracy and universal suffrage.
Losing that special treatment would damage the economy of the city and could potentially feed its repercussions through the global financial system.
“We respect different countries may have their own policies toward others, but … any trading relationship must be built on mutual interest,” Yau also said, citing U.S. trade surplus with Hong Kong from the open and free economy of the region.
He added, “There is every interest for Hong Kong to maintain our autonomy under the ‘one country, two systems,’ that is given in our constitution by the central government, there is no reason why we should depart from that.”


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