Re <<CCP>>
The comrades seem intent of cutting Team HK some slack, re which folks might complain that “yeah, but they can rescind the dispensation at any time”, to which I say, “why, what is the upside?”
There is only one grouping in the world that wishes to harm HK, and that group is not the CCP.
In any case, good news, we are good for at least another 12 months. In this situation it might be important to know the deeper workings of HK macro to not be making wrong moves to, say, for example, Bristol Message 33251239
Am goin to guess that within the next 12 months to 12 years it shall be easier to have a good time in HK than in England Message 33251177 , and that the population of UK will have much more to fear about its authorities than the people in HK, and the government in HK shall remain respectful of the ruled than the governance system of UK.
ft.com
Hong Kong promises investors its prized tax haven status is secure
Political pressures and budget deficits spark fears territory might need to raise revenue
12 hours ago
 Hong Kong is under pressure from Beijing to solve its inequality problem by tackling high property prices © Chan Long Hei/BloombergOne of Hong Kong’s most senior officials has promised business that the territory’s status as a “tax haven” is safe despite political and economic turmoil as the city fends off rivals to its regional financial hub role.
Matthew Cheung, the city’s highest-ranking bureaucrat, also said Hong Kong’s respected judges would not have to swear a new oath to China and its ruling Communist party as the government cracks down on dissent in the city’s civil service.
“You can rest assured that for some time Hong Kong will still remain a tax haven — very low tax in Hong Kong is assured, foreign investors don’t worry about it,” Cheung, Hong Kong’s chief secretary for administration, said in an interview with the Financial Times.
Hong Kong has long used its low income tax rate of 15 per cent to woo global business, along with other benefits such as no capital gains, dividends or sales taxes.
But recent upheaval, including violence surrounding pro-democracy protests in 2019 and the coronavirus pandemic, have hit the city’s economy and increased speculation that the government might be forced to increase taxes to fill a fiscal gap. That would hurt its competitiveness against rival financial centres in the region, such as Singapore.
Those who leave Hong Kong will regret it, they will come back
Matthew Cheung, Hong Kong’s chief secretary
Hong Kong has forecast a record budget deficit of HK$139bn (US$17.9bn), or 4.8 per cent of gross domestic product, in the next financial year, after marking its first deficit in 15 years in 2019-20.
Last month, the city rocked financial markets with an unexpected increase in stamp duty on equity trades from 0.1 per cent to 0.13 per cent.
Cheung is Hong Kong’s second-highest official after Chief Executive Carrie Lam, who was appointed by an election committee of mostly pro-Beijing figures.
Speculation that the government might have to raise spending has also been prompted by pressure from Beijing for Hong Kong to do more to address inequality in a city dominated by property billionaires.
While taxes in Hong Kong are low, the government and the tycoons have traditionally made money through sky-high rentals and real estate prices, making the city one of the world’s most expensive.
But Cheung said Beijing had instructed the local government to focus more on “grassroots” interests and low-income workers.
“[Beijing] made it quite clear we have to crack the hard nut?.?.?.?We will crack the hard nut, the hard nut is housing, land, the wealth gap and so forth,” Cheung said.
“In the new landscape?.?.?.?some vested interests may have to compromise.”
 Matthew Cheung, Hong Kong’s second highest-ranking official, insisted that the government would not tamper with the city’s common law legal system © Wu Xiaochu/Xinhua/Alamy He did not provide further details on how the government would address the housing issue. But he said efforts to resolve the wealth gap would not, for now, involve tax increases as it was not the right time to “tinker” with the tax system.
Cheung also sought to reassure foreign investors that the government would not tamper with the city’s common law legal system, another critical attraction for international companies.
Concerns over the courts followed Beijing’s efforts to rein in the pro-democracy movement after the 2019 protests, including imposing a national security law on the city and legislative reform to vet candidates for local elections.
The government has also begun a purge of the civil service, requiring employees to swear an oath to the Chinese state to help weed out those not considered “true patriots”. As many as 200 bureaucrats are likely to be forced out of the civil service after they refused to sign the loyalty oaths.
But Cheung said the judicial oath traditionally sworn by judges to uphold Hong Kong’s mini-constitution, the Basic Law, was “enough” in Beijing’s eyes.
He pledged that the city could bounce back from its troubles, helped by its efforts to integrate with its hinterland in mainland China, known as the Greater Bay Area.
“Those who leave Hong Kong will regret it, they will come back,” Cheung said.
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