City authorities will distribute cash to adult permanent residents to help increase spending and ease the financial burden.
Every permanent adult Hong Kong resident will receive $1280 from the city. Hong Kong Finance Minister Paul Chan said this, according to the BBC.
"After careful analysis, I decided to transfer HK$10,000 ($1,280 USA) to Hong Kong permanent residents aged 18 years and over. This is in order to encourage and boost domestic consumption on the one hand and relieve the financial burden on the other".
It is also expected that the local government will reduce rental costs and taxes on income and property. Such initiatives are related to the fact that Hong Kong's economy has faced problems as a result of mass protests and the spread of the coronavirus.
Earlier in Hong Kong announced the creation of a vaccine against coronavirus, but it will be possible to use it only in a year.
Since the beginning of the COVID-19 epidemic in the country, 2744 people died from the virus and more than 78 thousand were infected. In Hong Kong, 81 confirmed cases and two deaths have been recorded.