But an extra $5,000 Hong Kong dollars isn't going to stem the brain drain.
Following a record uptick in the number of people exiting the city, Hong Kong has expanded its pandemic stimulus program to include foreigners for the first time. In August, non-permanent residents and foreign students will each be eligible to receive HK$5,000 ($637) from the city.
A prior stimulus round in April was distributed to 6.3 million of Hong Kong’s approximately 7 million people but restricted to permanent residents. The additional upcoming payments to 300,000 foreign residents will cost an extra HK$1 billion, although the government is excluding domestic helpers and people planning to emigrate.
This is the fourth direct stimulus payment to Hong Kong residents since covid-19 emerged. While the first two payments were disbursed in cash, April’s payment and this one are in the form of vouchers that can only be spent at local retailers.
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