Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Hong Kong, China 01 01 - Liquidity Support HKD 1,007,800,000,000 129,785,836,628
Hong Kong, China 01A 01A - Short-term lending HKD 7,800,000,000 1,004,494,469 News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (accessed 11 June 2020).

9 June 2020, See bridge loan component of the Cathay Pacific package in Measure 4.

Hong Kong, China 01B 01B - Support policies for short-term lending HKD 922,349,000,000 118,781,342,159 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/key-functions/banking/banking-regulatory-and-supervisory-regime/riding-out-the-covid-19-challenge/ (accessed 12 May 2020).

(i) No amount/estimate: The Hong Kong Monetary Authority (HKMA) introduced measures to increase banking sector’s liquidity, encouraging banks to deploy their liquidity buffers more flexibly, and easing interbank funding conditions by reducing the issuance size of Exchange Fund Bills. (ii) A total of HKD1 trillion in lending capacity has been released through reduction in regulatory reserves by half on 16 March 2020 along with (i) in Measure 1C and (ii) and (iii) in Measure 2B.

Hong Kong, China 01C 01C - Forex operations HKD 77,651,000,000 10,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).

The HKMA (i) increased banking system liquidity such as through USD repo transactions; and (ii) 22 April 2020, Launched a US Dollar Liquidity Facility (US$10 billion) which uses funds obtained through the US Fed's FIMA Repo Facility.

Hong Kong, China 02 02 - Credit creation HKD 70,400,000,000 9,066,206,488
Hong Kong, China 02A 02A - Financial sector lending/funding HKD
Hong Kong, China 02B 02B - Support policies for long-term lending HKD
Hong Kong, China 02B1 02B1 - Interest rate adjustments HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).

No amount/estimate: Under the currency board arrangement, the Base Rate was adjusted downward to 1.5% and 0.86% on 4 and 16 March 2020, respectively, according to a pre-set formula, following the downward shifts in the target range for the United States (US) federal funds rate.

Hong Kong, China 02B2 02B2 - Other policies to support long-term lending HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020); Hong Kong Monetary Authority. https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2020/20200330e1.pdf (accessed 15 April 2020).

No amount/estimate: (i) The jurisdictional countercyclical capital buffer was reduced further from 2% to 1% on 16 March 2020. (ii) The implementation of the various requirements under the Basel III framework have also been deferred.

Hong Kong, China 02C 02C - Loan guarantees HKD 70,400,000,000 9,066,206,488 HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/04/20200418-3/ (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/05/20200529-8/ (accessed 4 May 2020). The Standard. https://www.thestandard.com.hk/section-news/section/2/219763/HK-export-insurer-doubles-credit-limit (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200902/20200902_164321_258.html?type=category&name=covid19 (accessed 4 September 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/09/20200915-7/ (accessed 17 September 2020).

(i) Introduction of low-interest loans for small and medium-sized enterprises (SMEs) with 100%, 90% and 80% guarantees from authorities. On 29 May 2020, authorities announced enhancements to the 80% and 90% guarantee products by raising the maximum loan amounts, extending coverage to listed companies and duration to 12 months; guaranteed loans and new applications are eligible for interest subsidy for up to 12 months. On 2 September 2020, the period of application was extended to 31 March 2021. On 15 September 2020, the maximum loan amounts were further increased and the repayment period extended from 3 years to 5 years along with a further increase in the total guarantee commitment to HKD70 billion (from the increased HKD50 billion previously and HKD20 billion originally). (ii) 8 June 2020, HKG400 million guarantee from the Anti-Epidemic Fund for the 100% Credit Limit Top-Up Scheme where the Hong Kong Export Credit Insurance Corporation increases buyers' credit limits of its policyholders by 100%.

Hong Kong, China 03 03 - Direct long-term lending HKD
Hong Kong, China 03A 03A - Long-term lending HKD
Hong Kong, China 03B 03B - Forbearance HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/08/20200805-4/ (accessed 14 August 2020). Reuters. https://www.reuters.com/article/us-hongkong-economy-hkma/hong-kong-extends-loan-repayment-holiday-for-small-businesses-idUSKBN25T1QY?il=0 (accessed 2 September 2020); HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2021/01/20210129-8/ (accessed 5 February 2021).

No amount/estimate: Other measures by banks to the extent permitted by their risk management principles, including delay of loan payment, extension of loan tenors, and principal moratoriums for affected SMEs, sectors, and households as appropriate.This includes a pre-approved principal payment holiday for corporates and residential mortgages announced on 17 April 2020. On 5 August 2020, The HKMA announced a 90-day deferral of payments for trade facilities under the Pre-approved Principal Payment Holiday Scheme. On 2 September 2020, The HKMA extended the suspension of principal payments for small companies until 30 April 2021. On 29 January 2021, The HKMA together with the Banking Sector SME Lending Coordination Mechanism (Mechanism) announced a 90-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme (Scheme). Under the Scheme, which was launched in May last year, trade loans have been granted 90-day extension respectively in May, August and November last year. Some of these loans will start to fall due in February 2021. As the evolving COVID-19 pandemic continues to weigh on economic activities, some trade customers are still facing cash-flow pressure. The Mechanism has agreed that corporate customers in need can further extend their trade facilities for another 90-day period. Eligible corporate customers can also apply for a 90-day extension of trade facilities drawn down from November 2020 to end-January 2021. For facilities which are self-liquidating in nature, banks may require the loan to be settled when the underlying payment has been received by the customer [update]

Hong Kong, China 04 04 - Equity support HKD 19,500,000,000 2,511,236,172 News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (accessed 11 June 2020).
Hong Kong, China 05 05 - Health and income support HKD 299,970,000,000 38,630,539,207
Hong Kong, China 05A 05A - Health support HKD 30,000,000,000 3,863,440,265 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).

Establishment of a new Anti-Epidemic Fund (HKD30 billion or 1% of gross domestic product [GDP]) to enhance anti-epidemic facilities and services.

Hong Kong, China 05B 05B - Income support HKD 269,970,000,000 34,767,098,943
Hong Kong, China 05B1 05B1 - Tax and contribution deferrals and policy changes HKD
Hong Kong, China 05B2 05B2 - Tax and contribution rates reduction HKD
Hong Kong, China 05B3 05B3 - Subsidies to individuals and households HKD 83,500,000,000 10,753,242,070 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200608/20200608_192340_279.html?type=category&name=covid19 (accessed 11 June 2020) News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200701/20200701_103654_754.html?type=category&name=covid19 (accessed 3 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200710/20200710_171954_233.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200728/20200728_174801_237.html?type=category&name=covid19 (accessed 14 August 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200925/20200925_151755_190.html?type=category&name=covid19 (accessed 2 October 2020).

(i)Temporary job creation (HKD6 billion or 0.2% of GDP). (ii) Cash payout to permanent residents aged 18 or above (HKD71 billion or 2.5% of GDP). (iii) Employment subsidy scheme (HKD80 billion or 2.8% of GDP). (iv) 8 June 2020, Authorities announced further support for the travel industry by enhancing the Green Lifestyle Local Tour Incentive Scheme (with increased funding of HKG50 million). (v) 1 July 2020, HKD6 billion under the Anti-epidemic Fund to create around 30,000 time-limited jobs in both public and private sectors in the coming two years for people of different skill sets and academic qualifications. (vi) No amount/estimate: 10 July 2020, Announced an additional HKD6,000 ex-gratia payment under the Anti-epidemic Fund to public rental housing applicants who have accepted advance allocation offers for Fai Ming Estate in Fanling and Chun Yeung Estate in Fo Tan. (vii) 28 July 2020, Authorities announced a 2-month waiver for public rental housing tenants worth HKD3.5 billion for the months of September 2020 and 2021 along with a 9.66% rent increase. (viii) No amount/estimate: 25 September 2020, Authorities opened applications for salary subsidies for new positions that aim to create 1,500 new jobs in the financial services industry.

Hong Kong, China 05B4 05B4 - Subsidies to businesses HKD 73,920,000,000 9,519,516,812 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200602/20200602_205003_920.html?type=category&name=covid19 (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_102820_957.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_182259_512.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200916/20200916_144229_043.html?type=category&name=covid19; https://www.news.gov.hk/eng/2020/09/20200921/20200921_121022_367.html?type=category&name=covid19(accessed 24 September 2020). News.gov.hk. https://www.news.gov.hk/eng/2021/01/20210113/20210113_170300_302.html?type=category&name=covid19 (accessed 27 January 2021). News.gov.hk. https://www.news.gov.hk/eng/2021/01/20210105/20210105_140418_783.html?type=category&name=covid19 (accessed 5 February 2021). News.gov.hk. https://www.news.gov.hk/eng/2021/01/20210105/20210105_140708_603.html?type=category&name=covid19 (accessed 5 February 2021); News.gov.hk. https://www.news.gov.hk/eng/2021/01/20210107/20210107_111013_571.html?type=category&name=covid19 (accessed 5 February 2021). News.gov.hk. https://www.news.gov.hk/eng/2021/01/20210113/20210113_170300_302.html?type=category&name=covid19 (accessed 5 February 2021).

(i) Employment subsidy scheme (HKD80 billion or 2.8% of GDP). (ii) No amount/estimate: 2 June 2020, Introduction of a subsidy scheme for employment agencies that provide foreign domestic helper placement services from the Anti-Epidemic Fund. (iii) 8 July 2020, HKD1.02 billion for the Convention & Exhibition Industry Subsidy Scheme under the Anti-epidemic Fund which provides a 50% subsidy for participation fees in exhbitions organized by the the Hong Kong Trade Development Council. (iv) No amount/estimate: 8 July 2020, Increased rental concessions for eligible tenants from 50% to 75% through September, extended the measure’s scope to cover more businesses, and provided full rental waivers for businesses that have had to completely cease operations due to anti-epidemic measures during the closure period. (v) No amount/estimate: 16 September 2020, Authorities announced further rent relief and enhanced concessional rates to non-domestic tenements for the third and fourth quarters of 2020-2021. On 21 September 2020, the Hong Kong Housing Authority also announced extended rent concessions for non-domestic tenants by another 6 months from 1 October 2020. (vi) No amount/estimate: 5 January 2021, Began accepting applications for a one-off HKD100,000 subsidy for licensed billiard establishments, public bowling alleys, and skating rinks. The Places of Amusement License Holders Subsidy Scheme, relaunched under the fourth-round of the Anti-epidemic Fund, provides subsidies to the eligible license holders whose businesses have been directly affected by the anti-epidemic and social distancing measures imposed by the Government. The application deadline is February 4 [update]. (vii) 5 January 2021, Increased funding for its "Distance Programme" under the Anti-epidemic Fund to HKD1.9 billion from HKD1.5 billion. The program helps businesses fund technology solutions and purchases to continue to do business during the COVID-19 pandemic and lockdowns [update]. (viii) No amount/estimate: 7 January 2021, Opened a new round of its "Fitness Centre Subsidy Scheme" on January 8. The scheme will provide a one-off subsidy of HKD100,000 to each fitness center to ease financial burdens from their forced closure since December 10, 2020. The application deadline is February 8 [update]. (ix) No amount/estimate: 13 January 2021, Announced launch of another round of the Subsidy Scheme for Beauty Parlors, Massage Establishments & Party Rooms under the Anti-epidemic Fund. Under the scheme, beauty parlors or massage establishments with one to two workers will receive a one-off subsidy of HKD30,000, while those with three to four employees will receive HKD60,000 and those which employ five or more workers will receive HKD100,000. The maximum subsidy amount for beauty parlor or massage establishment chain stores operated by a single entity under the same business registration is HKD3 million [update].

Hong Kong, China 05B5 05B5 - Indirect income support HKD 12,050,000,000 1,551,815,173 News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200608/20200608_192340_279.html?type=category&name=covid19 (accessed 11 June 2020)

8 June 2020, Support for the travel industry through the subsidy initiative for tourist guides that subsidizes training costs (which was extended until 27 April 2021).

Hong Kong, China 05B6 05B6 - No breakdown (income support) HKD 100,500,000,000 12,942,524,887 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).

(i) Tax and fee reliefs and other one-off relief measures (HKD79.5 billion or 2.8% of GDP). (ii) Sector-specific relief measures (HKD21 billion or 0.7% of GDP).

Hong Kong, China 05C 05C - No breakdown (health and income support) HKD
Hong Kong, China 06 06 - Budget reallocation HKD
Hong Kong, China 07 07 - Central bank financing government HKD
Hong Kong, China 07A 07A - Direct lending and reserve drawdown HKD
Hong Kong, China 07B 07B - Secondary purchase: government securities HKD
Hong Kong, China 08 08 - International Assistance Received HKD 77,651,000,000 10,000,000,000
Hong Kong, China 08A 08A - Swaps HKD 77,651,000,000 10,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). US Fed. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200729b.htm (accessed 31 July 2020). US Fed. https://www.federalreserve.gov/newsevents/pressreleases/monetary20201216c.htm (accessed 17 December 2020).

USD10 billion obtained by the HKMA from the US Federal Reserve's new FIMA temporary repo facility. On 16 December 2020, The US Fed announced the extension of the FIMA repo facility to 30 September 2021.

Hong Kong, China 08B 08B - International loans/grants HKD
Hong Kong, China 08B1 08B1 - Asian Development Bank HKD
Hong Kong, China 08B2 08B2 - Other HKD
Hong Kong, China 09 09 - International Assistance Provided HKD
Hong Kong, China 09A 09A - Swaps HKD
Hong Kong, China 09B 09B - International loans/grants HKD
Hong Kong, China 10 10 - No breakdown HKD 114,000,000,000 14,681,073,006 HKMA. https://www.hkma.gov.hk/eng/key-functions/banking/banking-regulatory-and-supervisory-regime/riding-out-the-covid-19-challenge/ (accessed 12 May 2020).

The HKMA provided: (i) HKD93 billion worth of payment extensions to corporate customers through (a) repayment period extension for the transportation sector; (b) trade financing lines converted into temporary overdraft facilities; (c) accounts receivables loans offered to retail sector; (d) pre-approved principal payment holiday scheme covering 80% of corporate borrowers; and (e) special 100% loan guarantee fund; and (ii) HKD 21 billion worth of relief measures for individual customers through (a) principal repayment holidays for residential mortgages; (b) relief loans offered to employees of affected sectors; (c) extension of loan tenor for personal lending; and (d) reduction of credit card charges.

Hong Kong, China 11 11 - Other Economic Measures HKD
Hong Kong, China 12 12 - Non-Economic Measures HKD
Hong Kong, China 12A 12A - Measures affecting travel and transport (local and international) HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 27 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong/new-virus-cluster-spurs-hong-kong-to-extend-border-curbs-and-limit-on-gatherings-idUSKBN2390LS?il=0 (accessed 5 June 2020). SMCP. https://www.scmp.com/business/companies/article/3087908/hong-kong-relax-quarantine-rules-largest-listed-firms-such (accessed 9 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong-singapore/hong-kong-singapore-to-allow-travel-to-each-other-without-quarantines-from-november-22-idUSKBN27R0B2?il=0 (accessed 11 November 2020). The Straits Times. https://www.straitstimes.com/asia/east-asia/travel-bubble-flights-between-singapore-hong-kong-postponed (accessed 22 November 2020).

(i) Compulsory quarantine for travelers from overseas countries for 14 days. On 8 June 2020, Authorities eased the 14-day quarantine rule for executives of the 480 largest companies listed in the city. (ii) Temporary entry ban of nonresident from overseas countries from 25 March 2020. (ii) Reduction and partial suspension of cross-border transport and border control point services, including suspension of transit services at the Hong Kong International Airport. (iii) 2 June 2020, Authorities extended restrictions on foreign visitors until mid-September 2020. (iv) 11 November 2020, Hong Kong,China and Singapore authorities annouced the resumption of travel between the two cities without mandatory quarantine on 22 November 2020 following a previous travel bubble announcement. On 21 November 2020, Authorities announced the suspension of the travel bubble following escalating cases in Hong Kong, China.

Hong Kong, China 12B 12B - Measures affecting business and workplace HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 27 May 2020). SMCP. https://www.scmp.com/business/companies/article/3087908/hong-kong-relax-quarantine-rules-largest-listed-firms-such (accessed 9 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong/hong-kong-tightens-social-distancing-again-as-coronavirus-cases-rise-idUSKCN24E1L5?il=0 (accessed 14 July 2020). PDI. https://newsinfo.inquirer.net/1313249/hong-kong-to-ban-dining-in-public-gatherings-of-more-than-two (accessed 28 July 2020). The Straits Times. https://www.straitstimes.com/asia/east-asia/coronavirus-hong-kong-reverses-virus-ban-on-restaurant-dining (accessed 31 July 2020); News.gov.hk. https://www.news.gov.hk/eng/2021/02/20210203/20210203_183603_577.html?type=ticker (accessed 5 February 2021.

Authorities imposed strict containment measures including: (i) Remote work arrangement for civil servants; (ii) Closure of selected social gathering establishments and businesses until 7 May 2020. (iiii) Remote work for civil servants was lifted on 4 May 2020 and the first phase of school reopening slated on 27 May 2020. (iv) Cultural and leisure facilities including libraries, swimming pools, and beaches reopened on 21 May 2020. (v) 13 July 2020, Authorities reimposed a one-week shutdown of 12 types of establishments such as gyms and gaming centres, and limits on restaurant takeaway operations after 6 PM. (vi) As of 28 July 2020, Authorities further tightened restrictions with a ban on dine-services at restaurants which was later modified to a restriction to 50% capacity. (vii) 3 February 2021, The Leisure & Cultural Services Department today announced that some of its leisure venues will reopen on February 9 [update].

Hong Kong, China 12C 12C - Others HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 27 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong/new-virus-cluster-spurs-hong-kong-to-extend-border-curbs-and-limit-on-gatherings-idUSKBN2390LS?il=0 (accessed 5 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong/hong-kong-tightens-social-distancing-again-as-coronavirus-cases-rise-idUSKCN24E1L5?il=0 (accessed 14 July 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong-masks/hong-kong-mandates-masks-in-all-indoor-public-areas-idUSKCN24N0MB?il=0 (accessed 23 July 2020). PDI. https://newsinfo.inquirer.net/1313249/hong-kong-to-ban-dining-in-public-gatherings-of-more-than-two (accessed 28 July 2020). The Straits Times. https://www.straitstimes.com/asia/east-asia/coronavirus-hong-kong-reverses-virus-ban-on-restaurant-dining (accessed 31 July 2020).

Authorities imposed (i) School closures in early 2020 but reopened on 27 May 2020; (ii) A ban on gatherings of more than four people in a public place; (ii) Religious gatherings of up to 50% of venue capacity were allowed starting 18 May 2020 and cultural and leisure facilities including libraries, swimming pools, and beaches reopened on 21 May 2020. (iii) 2 June 2020, Authorities extended a ban on gatherings of more than 8 people by 2 weeks as well as restrictions on foreign visitors until mid-September 2020. (iv) 13 July 2020, Authorities reimposed tighter social distancing measures including limiting gatherings to 4 people. (v) 23 July 2020, Authorities expanded stricter containment measures including mandatory mask-wearing in all indoor public areas including malls and markets. As of 28 July 2020, Authorities further tightened restrictions by limiting public gatherings to no more than 2 people.