Hong Kong Financial Secretary, Chen Maobo, has announced that the issuance of consumer coupons will provide an additional HK$13 billion in spending power for the retail and catering sectors. In an essay published on the Hong Kong Special Administrative Region Government website, Chen Maobo expressed his satisfaction with the second batch of consumer coupons, stating that he had personally used the coupons for extra consumption.
It is estimated that around 6.5 million people have benefited from the coupons issued in this batch. Notably, 136,000 citizens opted to replace their stored value payment tools to receive the coupons, showcasing the popularity of this initiative. Additionally, 220,000 newly eligible individuals successfully registered for the coupons.
The injection of HK$13 billion in consumption power is expected to provide a significant boost to the struggling retail and catering markets in Hong Kong. These sectors have been severely impacted by the COVID-19 pandemic and the ongoing social unrest in the region. The consumer coupons aim to stimulate local businesses and encourage spending in order to revive the economy.
The news of the second phase of consumer coupons being issued has been welcomed by the public and is seen as a positive step towards economic recovery. The government’s efforts to support businesses and provide financial assistance to individuals have been widely appreciated.
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In conclusion, the issuance of consumer coupons in Hong Kong is expected to provide a much-needed boost to the retail and catering markets, injecting HK$13 billion in spending power. The initiative aims to stimulate the economy and support businesses during these challenging times.