What will happen to Hong Kong after 2047?
Mon, 2003-11-10 07:52 — mpw1982
China promised that the capitalist system and lifestyle in Hong Kong remains unchanged for at least 50 years.
Well since I'm moving to Hong Kong in about September 2004 and will be alive after 2047, I am curious on what will happen to Hong Kong after that. Do you think anything will change?
I am most concerned about the legal system as well as the tax structure, since Hong Kong is based on common law whereas China is not (yet).
me too
You know, I've started thinking about the very same thing. I like to worry about the future (I come from a family full of accomplished worriers and doom-and-gloomers) and it's also the tax thing that gets me. Right now HK is essentially a tax haven, but what about at retirement age? Mrs Tall and I think we'd like to live here at least part of the time, and hence be able to maintain nice low (or no) taxes on our retirement investments. But who knows what'll be going on by then? Anyway, by 2047 I'll likely be glad just to be putting on my socks by myself.
Re:What will happen to Hong Kong after 2047?
Well from I've read in the Basic Law, the Special Administrative Region will still continue after 2047. The only thing that *could* change is the capitalist system, but my HK accountant says that currently there are no plans for such a change and as long as the system will continue to work (which it should) there should be no reason to change the system.
I think the SAR will continue to stay until China as a whole is on par with Hong Kong. It would be pointless to take a step backward and move to a worse legal and economic system as well as almost impossible to do without creating a huge mess.
Re:What will happen to Hong Kong after 2047?
We STILL have a Governemnt and civil service incapable of doing anything right :(