The Government’s electronic consumption voucher scheme, under which eligible residents will receive the first instalment of their $5,000 government handouts this month, has become the talk of the town.

The Government anticipates that the electronic consumption voucher scheme will contribute 0.7% to GDP growth. However, this estimate does not include the range of offers made available by the four selected Stored Value Facility operators, or the various discount and promotional campaigns launched by shopping malls and restaurants. So it is generally believed that the scheme will generate far more economic benefits than the official growth figure, thus creating a greater multiplier effect.

Meanwhile, the increasing digital payment market share and Hong Kong’s continuous innovation in financial services have laid a solid foundation for bringing the digital economy to the next level, further strengthening the city’s status as an international financial centre.

Nevertheless, it is also worth noting that the global battle against the pandemic is far from over, given the highly unpredictable nature of the virus. We can see how the recent outbreak of the Delta variant is wreaking havoc around the world.

As an externally-oriented economy, Hong Kong is not immune. Many sectors of the community are racing against the clock to roll out initiatives – like the Chamber’s Lucky Draw – to encourage people to get vaccinated as soon as possible. We need to build a protective barrier for Hong Kong without delay by achieving herd immunity with 70% of the population vaccinated. 

The pandemic has remained relatively stable in Hong Kong for some time. However, we need to reach herd immunity before we can fully reopen the border and revitalize our economic lifelines.

We cannot afford to relax our efforts and let down our guard. People going shopping with their e-vouchers must stay vigilant and maintain social distance, for any single loophole in our anti-pandemic measures could enable the highly contagious variant to spread. 

If this happened, all members of the community would have to bear the consequences of a dramatic resurgence of domestic infections. And Hong Kong could also lose the growing momentum of economic recovery and consumer spending.

In short, to speed up Hong Kong’s post-pandemic economic recovery, our first priority is to contain the pandemic by guarding against the importation of cases and the resurgence of domestic infections. 

The next step will hinge largely on when Hong Kong can reopen its border with the Mainland without quarantine. I have reiterated time and again to the Central and HKSAR Governments that quarantine-free travel across the border should resume as soon as possible, and business travel to and from the Greater Bay Area should be given priority. 

I hope the economic benefits brought about by the electronic consumption vouchers are just “appetizers” and that Hong Kong will soon lay out its roadmap for economic recovery, allowing everyone to enjoy the fruits of economic development.

Jeffrey Lam
[email protected]