Hong Kong question

[Valmy]

1. We have low tax rates.  For corporate, it is 16-17%.  For individuals, the max is 15%, though in practice only the top 0.1% pay that much.  Half of the working population pays no taxes.  The other half often pays less than 10%.  It is also a salary tax, not an income tax.  So stuff like dividends, interest, lottery winnings etc are not taxed.  No sales tax.  There is no US style Social Security or state pension.  You are on your own in retirement.  Government spending is like 20% of GDP, compared with the usual 40-50% in the western world.  There is no collective bargaining, and union membership is very low. 

2. Hong Kong is extremely expensive.  The rent levels are very high, and the banks are reluctant to lend money to new businesses.  HK banks generally rely on mortgages and credit card loans.  They don't really lend money to start-ups.  Having said that, you can make a decent living if you make it to the professions and senior management.  The old knowing somebody or having a connected father trick works best.  But otherwise, you can still make it if you do well in the exams.  Plenty of poor people score well in the exams and go on to become successful lawyers and doctors. 

Thank you. That's a great set up. Low government expenses and low taxes always win. A little surprised that corporate taxes are higher than individual taxes, but the salary tax vs income tax probably explain the economic boom, as observed from outside.

I favor a flat tax rate for everyone and no corporate taxes, since I see it as double taxation, but the salary tax plus corporate tax seems a very effective solution to achieve the same goal of a low tax drag on the economy and a higher circulation rate for investments.

Guns are completely banned though.

[Josquius]

Do chinese still believe in jew magic?

What do you mean by Jew magic?

Old school anti semitism. ... but seen positively.  Like the japanese fugu plan.
Jews are especially gifted and rich and wonderful

[The Minsky Moment]

Siege you should check out Singapore.  Similar setup, but better air quality and no PRC Party guys pulling strings.

[viper37]

Siege you should check out Singapore.  Similar setup, but better air quality and no PRC Party guys pulling strings.

On the one hand, there are minimal chances he'd be accidentally served pork.
On the other hand, it has a lot of muslims.  Not for Siege.