East Asia

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 194,430.22
% of GDP (2019): 51.68%
% of Regional Total Package: 7.10%
Package Per Capita in USD: 25,898.50
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

9 June 2020, 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 16 March 2020 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) 22 April 2020, 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 HKD70,400,000,000 USD9,066,206,488
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline
02B1 - Interest rate reductions

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.

02B2 - Other policies to support long-term lending

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.

02C - Loan guarantees HKD70,400,000,000 USD9,066,206,488

(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%.

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 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.

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

9 June 2020, 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 - Health and income support HKD298,070,000,000 USD38,385,854,657
05A - Health support 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 - Income support HKD268,070,000,000 USD34,522,414,393
05B1 - Tax and contribution deferrals and policy changes
05B2 - Tax and contribution rates reduction
05B3 - Wage support and subsidies to individuals and households HKD83,500,000,000 USD10,753,242,070

(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.

05B4 - Subsidies to business HKD72,020,000,000 USD9,274,832,262

(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.

05B5 - Indirect income support HKD12,050,000,000 USD1,551,815,173

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).

05B6 - No breakdown (income support) HKD100,500,000,000 USD12,942,524,887

(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).

05C - No breakdown (health and income support)
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. On 16 December 2020, The US Fed announced the extension of the FIMA repo facility to 30 September 2021. [update]

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
12A - Measures affecting travel and transport (local and international)

(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.

12B - Measures affecting business and workplace

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.

12C - Others

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.