The Hong Kong government is set to distribute the first lot of electronic consumption vouchers worth HK$3,000 ($382) on 16th April and the second instalment of HK$2,000 three months later.
Around 6.4 million residents of Hong Kong, who enrolled in the consumption voucher scheme in 2022, will receive the first instalment in April, according to government estimates.
The first and second instalments of electronic consumption vouchers will be valid for six months once disbursed, Asia News Network reports.
“If the account of the eligible person is lost or invalid, the authorities will provide a specific channel to change the account number,” said Financial Secretary Paul Chan Mo-po.
He added that the aim of the vouchers is to support domestic consumption and boost economic recovery.
“Although the economy is recovering, residents and small- and medium-sized enterprises are still under great pressure after the COVID-19 pandemic,” the Financial Secretary said, adding that the consumption vouchers in 2023 should bolster the economy by 0.6%.
The second objective of the vouchers is to promote the broader adoption of electronic consumer stored value payment tools within the domestic economy.
“In 2022, online sales in Hong Kong registered a growth of 67% compared to two years earlier, with a total value of HK$34 billion. Since the launch of the program, the six online payment companies have posted an increase of 10 million payment accounts and 190,000 business accounts,” Chan added.
He said it’s unlikely the scheme will become a regular fixture, and whether or not it will continue in 2024 will be dependent on the government’s financial situation and the economic environment.
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