Affected by the pandemic, Hong Kong entertainment and media (E&M) revenues fell by 11.1% year on year in 2020, from US$8.81bn to US$7.83bn due to COVID-19 disruption, said a recent PwC’s Global Entertainment & Media Outlook 2021 – 2025. However, Hong Kong E&M revenue will see a year-on-year rise of 7.65% from 2020 (US$7.8bn) to US$8.4bn in 2021 as the pandemic effects subside.
Over the next five years, total E&M growth in Hong Kong is projected at a compound annual growth rate (CAGR) of 4.38% to reach US$10bn in 2025. Hong Kong E&M revenue took one of the biggest hits when compared to the rest of the markets across Asia Pacific and Mainland China. Mainland China’s maturity in digital platforms has aided in it being the first country to exceed pre-pandemic revenues (2020), said the study. Meanwhile, total E&M revenue in Asia Pacific is well spread, showing a similar trend to the global trajectory with year-on-year rise US$778bn in 2021.
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Lifting taxes to shore up finances chinadaily.com.cn | Updated: 2021-03-05 16:18 Share CLOSE
The Hong Kong Special Administrative Region government last month rolled out a further HK$120 billion (US$15.4 billion) relief stimulus package to prop up the pandemic-ravaged economy and lift economic growth by 2 percent.
As a result, the budget deficit for the 2021-22 financial year is expected to reach HK$101.6 billion, accounting for 3.6 percent of the city s GDP, due to the countercyclical measures and the continued rise in recurrent expenditure.
The government also offered a list of sweeteners , including HK$5,000 worth of electronic consumption vouchers for each eligible Hong Kong permanent resident and new arrivals aged 18 or above; cuts in salaries tax, capped at HK$10,000; a 100 percent reduction in profits tax, capped at HK$10,000, that will benefit nearly 130,000 enterprises; an extra half-a-month pay in welfare allowances; as well
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