The Hong Kong government has decided to about 9 billion dollars to an estimated 7 million inhabitants of the troubled Chinese territory to give. From a global point of view, this can be considered a desperate step to stimulate the local economy, during the outbreak of Coronavirus hits the markets around the world hard. At the same time, this step can be seen as part of the efforts of the government, the continuing to stop protests in the city.
In December 2018, a notorious 24-year-old Chinese Influencer, Wong Ching Kit made worldwide headlines after he was arrested, because he Seem to have stacks of 100-HK$-from the roof of a building in Hong Kong is thrown and a mass hysteria had triggered. The self-proclaimed Bitcoin millionaire, said at the time that he felt this Stunt “like a God”, since he left money to the people in one of the poorest areas of the city rain. Now, another man is planning a similar Stunt on a much larger scale, but expected:
I’ve decided, for 10,000 Hong Kong dollars to Hong Kong residents aged 18 years and pay out to promote on the one hand, local consumption and to stimulate and to reduce the financial burden of the people,
the Minister of Finance of Hong Kong, Paul Chan Mo-po said on Wednesday. An estimated 7 million people, meet the Chan’s criteria, this will be a total of about 70 billion Hong Kong dollars, which is equivalent to nearly 9 billion dollars.
This free money tax is the Central part of the government’s announced stimulus package of over $ 15 billion. The other steps of the Plan, the support of poor families with a month’s free rent for social housing, and the support of companies in difficulty, with lower taxes and subsidised electricity.
As the main reason for the need to stimulate the local economy, the outbreak of the novel Coronavirus, which “has made the economic activities and the mood in Hong Kong is hard,” says Chan. The mainland Chinese outbound pandemic, which breaks many global supply chains, has made the tourism industry of the Region especially hard, and the Plan provides for specific measures to counter it.
Another serious Problem for the local economy are not protests in the town of wool against what many see Hong Kong as a loss of their freedom in Beijing. The demonstrations began in June 2019 due to a Plan to enable the delivery to the Chinese mainland, many of which feared that the judge would independence of the area under ditch. The controversial extradition law was left in the September fall, but the repeated police violence, has fuelled the protest movement further.
Social unrest and turmoil have deep reveals-rooted conflicts in our community that can not be resolved overnight,
We have to deal with these conflicts patiently and carefully apart, as they have far-reaching effects on the stability and development of Hong Kong in the future.