Today’s Issue of Steve Sjuggerud’s DailyWealth

Hong Kong Adapts to the
Brave New WorldOne of our favorite anecdotes about Hong Kong dates back to 2003, when the S.A.R. was mired in doom and gloom (property prices were down –70% from their highs, people were hysterical about SARS…). That year, taxi drivers went on a strike to ask for… lower cab fares! The logic was that, at a lower price, more people would ride taxis (the government refused on the premise that the cabs would then start competing with the buses, tramways & MTR). If nothing else, this story illustrates HK’s amazing power of adaptation and “can do” attitude.

An interesting discussion that seems to follow on logically from the Globalised Economy. I had wondered if HK was in fact just raising taxes, but it seems to be actually shifting its tax portfolio. Continue reading →