Hong Kong Cuts Taxes to Boost Markets and Maintain Global Financial Status Amid Uneven Recovery
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Hong Kong's leader cut taxes for some homebuyers and stock traders to boost markets and maintain status as a global financial hub.
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Taxes were cut by halving extra stamp duties imposed on non-resident property buyers and current homeowners buying additional properties.
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Stamp duty on stock transactions was reduced from 0.13% to 0.1% to keep stock market vibrant.
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The economy is recovering after COVID, growing 2.2% in H1 2023, but the path is uneven amid geopolitics and China's slow rebound.
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Hong Kong saw mass resident departures in recent years due to the security law and strict COVID mandates, hurting the economy.