Paul Chan: No Decision Yet On More Spending Vouchers

The Financial Secretary, Paul Chan, on Sunday said Hong Kong people would have to wait a little longer to discover whether they will get another spending voucher handout for the Year of the Rabbit.

Speaking on Commercial Radio, the official said he was still listening to views ahead of next month's budget.

He says he hopes to provide relief for grass-roots people while keeping up the momentum of economic growth in the mid-to-long term.

However, Chan says he is still pondering a new round of consumption vouchers, as he has heard contrasting opinions on the matter.

"Of course some parties support the idea, but in closed-door consultation, some parties told us not to do it. They are worried that it would put too much pressure on the government's finances," he said, noting there will inevitably be a deficit of at least HK$100 billion for the fiscal year 2022-23.

"But there is one thing we all agree - we need to invest to accelerate the growth of the economy."

Hong Kong residents received HK$10,000 consumption vouchers for spending via electronic platforms in 2022 as the government attempted to support an economy hit hard by the Covid pandemic.

Chan said it might still be difficult for the local economy to revive in the first quarter of the year, but there should be a stronger rebound in the next three months, owing to the resumption of quarantine-free travel with the mainland and improving external circumstances.

The government had projected the SAR's economy would contract by 3.2 percent in 2022. The economy shrunk by 4.5 percent in the third quarter on a year-on-year basis.