East Asia

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 190,500
% of GDP (2019): 50.64%
% of Regional Total Package: 8.09%
Package Per Capita in USD: 25,567.00
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline HKD1,007,800,000,000 USD129,785,836,628
01A - Short-term lending info_outline HKD7,800,000,000 USD1,004,494,469

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

01B - Support policies for short-term lending info_outline HKD922,349,000,000 USD118,781,342,159

(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 March 16 along with (i) in Measure 1C and (ii) and (iii) in Measure 2B.

01C - Forex operations info_outline HKD77,651,000,000 USD10,000,000,000

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

02 - Credit creation info_outline HKD50,400,000,000 USD6,490,579,645
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline

No amount/estimate: (i) Under the currency board arrangement, the Base Rate was adjusted downward to 1.5% and 0.86% on March 4 and March 16, respectively, according to a pre-set formula, following the downward shifts in the target range for the United States (US) federal funds rate. (ii) The jurisdictional countercyclical capital buffer was reduced further from 2% to 1% on March 16. (iii) The implementation of the various requirements under the Basel III framework have also been deferred.

02C - Loan guarantees HKD50,400,000,000 USD6,490,579,645

(i) Introduction of low-interest loans for small and medium-sized enterprises (SMEs) with 100% (HKD20 billion), 90% and 80% guarantees from authorities. On May 29, 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. (ii) June 8, 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%.

03 - Direct long-term lending info_outline
03A - Long-term lending info_outline
03B - Forbearance

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 April 17.

04 - Equity support info_outline HKD19,500,000,000 USD2,511,236,172

June 9, HKG27.3 billion investment in Cathay Pacific Airways via government-owned Aviation 2020, comprising preference shares with detachable warrants of HKG19.5 billion and a bridging loan of HKG7.8 billion.

05 - Government support to income/revenue HKD287,550,000,000 USD37,031,074,938
05A - Health HKD30,000,000,000 USD3,863,440,265

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

05B - Non-health HKD257,550,000,000 USD33,167,634,673

(i) Tax and fee reliefs and other one-off relief measures (HKD79.5 billion or 2.8% 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) Sector-specific relief measures (HKD21 billion or 0.7% of GDP); (v) Temporary job creation (HKD6 billion or 0.2% of GDP); (vi) cash payouts to permanent residents aged 18 and above (HKD71 billion or 2.5% of GDP). (vii) No amount/estimate: June 2, Introduction of a subsidy scheme for employment agencies that provide foreign domestic helper placement services from the Anti-Epidemic Fund. (viii) June 8, Authorities announced further support for the travel industry by enhancing the Green Lifestyle Local Tour Incentive Scheme (increased funding of HKG50 million) and extending the subsidy initiative for tourist guides (for 6 monyhs until April 27, 2021).

06 - Budget reallocation info_outline
07 - Central bank financing government
07A - Direct lending & reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received HKD77,651,000,000 USD10,000,000,000
08A - Swaps info_outline HKD77,651,000,000 USD10,000,000,000

USD10 billion obtained by the HKMA from the US Federal Reserve's new FIMA temporary repo facility.

08B - International loans/grants
08B1 - Asian Development Bank
08B2 - Other
09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants
10 - No breakdown HKD114,000,000,000 USD14,681,073,006

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.

11 - Other Economic Measures
12 - Non-Economic Measures

Authorities imposed strict containment measures including: (i) School closures; (ii) Remote work arrangement for civil servants; (iii) Ban on gatherings of more than four people in a public place; (iv) Compulsory quarantine for travelers from overseas countries for 14 days. On June 8, Authorities eased the 14-day quarantine rule for executives of the 480 largest companies listed in the city ; (v) Temporary entry ban of nonresident from overseas countries from March 25; (vi) Reduction and partial suspension of cross-border transport and border control point services, including suspension of transit services at the Hong Kong International Airport. (vii) Closure of selected social gathering establishments and businesses until May 7, 2020. (viii) Remote work for civil servants was lifted on May 4th and the first phase of school reopening slated on May 27th. (ix) Religious gatherings of up to 50% of venue capacity were allowed starting May 18 and cultural and leisure facilities including libraries, swimming pools, and beaches reopened on May 21. (x) June 2, Authorities extended a ban on gatherings of more than 8 people by 2 weeks as well as restrictions on foreign visitors until mid-September.