Hong Kong government is going to give a big gift to 7 million local residents. The government has announced to provide cash assistance to its residents. Hong Kong's economy is already suffering from recession and now its crisis has increased due to Coronavirus. The Hong Kong government on Wednesday announced a grant of 10,000 Hong Kong dollars (US $ 1,280) to each permanent citizen. The Hong Kong government is taking these measures to bail out its recession-hit economy.
Hong Kong Finance Minister Paul Chan announced to give cash assistance to the people in the annual budget. The Finance Minister said that a provision of 120 billion Hong Kong dollars has been made to get Hong Kong out of the worst economic crisis ever. Hong Kong will be burdened with 71 billion dollars in cash assistance. However, the government hopes that consumers will invest most of this money in local businesses again, which will help in reviving the economy.
For the past several months, due to the deadly coronavirus, there has been an outcry in China. With the death of dozens of people every day, the death toll is also increasing. Hong Kong has become alert now. Hong Kong has taken a big decision in view of the outbreak of Coronavirus so that the virus can be prevented from spreading. The Hong Kong administration has extended the deadline to close all schools to prevent corona infection. Now until April 20 all schools in Hong Kong will be closed. Earlier it was ordered to be closed for 16 March.