Hong Kong’s financial secretary Paul Chan Mo-po provided assurance about the city’s economy and financial markets in a blog post, underlining his duties to «protect national security»
Whilst the coronavirus pandemic has undoubtedly hit the economy, Chan noted that risk remained at a «controllable level», according to a post on his official government blog (traditional Mandarin only).
According to Chan, the government focuses on three main areas for economic stability: a stable exchange rate, sufficient bank liquidity and orderly operation of financial markets.
«The Hong Kong government will continue to maintain the city’s financial stability,» he said. «This gatekeeping work must be done well to protect national security.»
Contradicting Signals?
In addition to Chan’s comments, the government has rolled out various relief programs including a 100 percent guarantee for SME loans of up to HK$4 million ($520,000) and a $17.7 billion package that includes wage subsidies covering up to 50 percent of worker salaries for six months.
But despite the optimism, signals in other government departments contrast the positive views. Secretary for Labor and Welfare Law Chi-kwong also wrote in his official blog, underlining that social security assistance applications had surged 25 percent year-on-year, in line with the 4.2 percent unemployment rate.
«[A]t this difficult moment, it’s time for the society to offer cash support to those families in need,» Law wrote.
