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Hong Kong cuts taxes to shore up economy amid protests
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Hong Kong, Aug. 16 -- Hong Kong's government announced tax cuts and higher social spending Thursday to reverse a deepening economic slump aggravated by anti-government protests and the U.S.-Chinese tariff war.
The territory's financial secretary, Paul Chan, cut this year's official growth forecast to 0 to 1%, which could be the worst performance since 2009 during the global financial crisis. The previous forecast was 2% to 3%.
Hurt by the plunge in U.S.-Chinese trade, growth already was declining before anti-government protests erupted this year over a proposed extradition law and other grievances.
"The recent social incidents have hit the retail trade, restaurants and tourism, adding a further blow to an already-weak economy," said a ...
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