$10b relief as economy slides

The government is expected to lay out details within a few weeks, with early pointers of helping hands for the financial sector and entrepreneurs - but no sweeping assistance scheme for the unemployed.

Word about the size of the package came yesterday soon after Chief Executive Donald Tsang Yam-kuen painted a gloomy picture for legislators.

There had been a "noticeable slide" in Hong Kong's economic growth in the first quarter of the year, Tsang said during a question-and-answer session in the Legislative Council.

Human swine flu (H1N1) would just worsen a situation already requiring the economic forecast being adjusted downwards. First-quarter export value dropped 22 percent and retail sales contracted 5.5 percent, he said.

"It was even worse than the fourth quarter of 2008," and readings for the second quarter are not good.