There is much-needed relief to the public and businesses in the budget, he said, adding it “prepares for the post-coronavirus economic revival, while continuing to enhance Hong Kong's competitiveness and invest for the future.''

In face of the economic downturn, the unemployment rate has reached a 17-year high, Cheung said.

“The budget has proposed a series of short-term relief measures. In particular, it proposes a special 100 percent Loan Guarantee for Individuals Scheme to provide an extra financing option for individuals who are out of work. The government will provide a guarantee for loans up to HK$80,000.''

Cheung said that the most noteworthy measure is perhaps the electronic consumption vouchers.

“This is certainly a stimulant for local consumption and will help energise the local market.''

He said the budget has also placed emphasis on improving people's livelihood.

“For instance, it proposes to earmark HK$1 billion to provide subsidies for eligible owners of more than 3,000 old buildings to carry out drainage repair or enhancement works and improve environmental hygiene. T

“he budget also stresses the importance of environmental protection and decarbonisation, developing a quality city for our citizens, strengthening our healthcare system, and promoting a caring and inclusive community.''