Hong Kong has slashed its spirits tax, one of the highest in the world, as the Chinese territory seeks to boost nightlife and revive its struggling economy.
The Asian financial hub, hit hard by China’s slowing economic growth and a fall in tourist numbers, has yet to see the benefit of lower US interest rates and a Chinese stimulus package.
Hong Kong’s Beijing-backed chief executive John Lee, who took office in 2022 with a mandate to restore order in the wake of a tough crackdown on pro-democracy protesters, has recently switched his focus to an economy that has struggled to recover from pandemic-era restrictions.
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