Hong Kong's Financial Secretary Paul Chan Mo-po speaks during a press conference at the Central Government Offices in Hong Kong, Feb 23, 2022. (CALVIN NG / CHINA DAILY)

HONG KONG - Financial Secretary Paul Chan Mo-po said on Friday that Hong Kong’s economy will see a revival after the COVID-19 pandemic is brought under control with the support of citywide efforts and the central government.

Chan made the statement during a radio program while answering residents’ questions about the 2022-23 Budget, which was released on Wednesday.

While acknowledging that the economy may experience negative growth in the first quarter of 2022, Chan said he was optimistic that such financial gloom will be behind the city once COVID-19 is contained.

“With the support of the central government and the assistance rendered by the different central authorities and the municipal authorities, and also the united efforts - concerted effort of the government and the people of Hong Kong - I am very confident that within the next two to three months, the pandemic situation here will be bought in the control,” Chan said.

While acknowledging that the economy may experience negative growth in the first quarter of 2022, Financial Secretary Paul Chan Mo-posaid he was optimistic that such financial gloom will be behind the city once COVID-19 is contained

“If we followed the dynamic zero policy, the economy would return to the normal track and people would have their ordinary activities and then spend,” Chan added.

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Measures in the budget to provide relief for residents include the second round of the consumption voucher scheme. 

Electronic consumption vouchers with a value of $10,000 will be disbursed to eligible permanent residents and new arrivals aged 18 or above, with the first instalment of $5,000 to be handed out in April.

Chan explained that dispensing the funds electronically was the fastest way to benefit the target recipients.

“The final decision to pick the consumption voucher scheme rather than the cash payout scheme is that currently under the attack of this wave of COVID-19, many people in Hong Kong, particularly those in the lower income groups, have been heavily affected. So we want to provide certain relief as quickly as possible,’ the financial secretary said.

In 2021, about 6.3 million people registered for the first round of the program and so using the same data set to give another round of vouchers would be the fastest, Chan said.

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The finance chief noted that the government decided not to use the voucher program as an incentive for vaccination because most of those who were not vaccinated were elderly people who need financial relief.