East Asia

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 194,681.34
% of GDP (2019): 51.75%
% of Regional Total Package: 7.05%
Package Per Capita in USD: 25,931.90
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 adjustments

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%. (iii) No amount/estimate: 24 February 2021, HKMC Insurance Limited's application period for the Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) will be extended to December 21, 2021. Other enhancements were also made to the program. Under the enhancement measures, eligible enterprises should have been operating for at least three months as at 30 June 2020, and have suffered at least a 30% decline in sales turnover in any month since February 2020 compared with the monthly average of any quarter from early 2019 to mid-2020. The maximum amount of loan per enterprise will be raised from the total amount of employee wages and rents for 12 months to that for 18 months, or HK$6 million (originally HK$5 million), whichever is lower. Meanwhile, the maximum repayment period of the guaranteed loans will be increased from 5 years to 8 years, and the principal moratorium arrangement will be extended from up to 12 months to up to 18 months .

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. 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. On 4 March 2021, HKMA announced that the Pre-approved Principal Payment Holiday Scheme will be extended for another six months to October 2021.

04 - Equity support info_outline HKD19,500,000,000 USD2,511,236,172
05 - Health and income support HKD300,020,000,000 USD38,636,978,275
05A - Health support HKD30,000,000,000 USD3,863,440,265

(i) Establishment of a new Anti-Epidemic Fund (HKD30 billion or 1% of gross domestic product [GDP]) to enhance anti-epidemic facilities and services. (ii) No amount/estimate: 18 February 2021, The government will launch the citywide COVID-19 Vaccination Programme from February 26 and five priority groups may make an appointment via the online booking system from February 23. Healthcare staff and staff involved in anti-epidemic work, people aged 60 or above, residents and staff of residential care homes for the elderly and disabled, people providing essential public services as well as those providing cross-boundary transport or working at control points and ports are classified as priority groups. (iii) 21 March 2021, Authorities announced that about 354,400 people have been vaccinated against COVID-19 since February 22 [update] .

05B - Income support HKD270,020,000,000 USD34,773,538,010
05B1 - Tax and contribution deferrals and policy changes
05B2 - Tax and contribution rates reduction
05B3 - 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. (ix) No amount/estimate: 8 February 2021, The Hong Kong Monetary Authority extended its Banking Talent Program, which provided new graduates with short-term work opportunities and professional training, with a view to alleviating the impact of the COVID-19 pandemic on the supply of young talent in the banking sector. The program is extended to upcoming new graduates this year through offering six-month work opportunities and professional training starting September 2021 (2021 Program). The existing program for recruited graduates (2020 Program) will also be extended for a period of up to six months (i.e. till 31 August 2021) depending on the operational needs of the participating institutions .

05B4 - Subsidies to businesses HKD73,970,000,000 USD9,525,955,880

(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 . (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 . (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 . (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. (x) 4 March 2021, The authorities announced that the application deadlines of the Travel Agents Incentive Scheme and Green Lifestyle Local Tour Incentive Scheme will be extended for one year to March 31, 2022. The funding commitment for the Travel Agents Incentive Scheme will be increased by USD50 million to further enhance the support for the travel industry ; (xi) No amount estimate: 1 March 2021, The Food & Environmental Hygiene Department launched the Food Courts Subsidy Scheme, which provides a one-off grant ranging from USD20,000 to USD100,000 to businesses that qualify as a food court restaurant. Businesses must apply to receive the grant

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 and 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.

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. (v) 10 February 2021, Hong Kong,China authorities announced that as the global COVID-19 epidemic situation remains severe it will maintain the measure to restrict people who have stayed in the extremely high-risk specified places from boarding flights for Hong Kong as well as the 21-day compulsory quarantine requirement for people arriving in the city who have stayed in places outside 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. (vii) 3 February 2021, The Leisure & Cultural Services Department today announced that some of its leisure venues will reopen on February 9 . (viii) 16 February 2021, Secretary for Food & Health announced that some of the social distancing measures for catering businesses and scheduled premises can be gradually relaxed due to the current COVID-19 epidemic situation. (ix) 23 February 2021, The authorities gazetted amendments of various regulations under the Prevention & Control of Disease Ordinance (Cap 599) including relaxing the number of people allowed in group gatherings in public places from two to four and extending the expiry dates of the relevant regulations to September 30 .

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.