The Financial Times reports that Hong Kong will cut corporate and salary taxes by 1 percentage point to 16.5 and 15 per cent respectively.
This really isn't surprising. The Hong Kong government knows how to maintain the city's world-leading position, although the tax cuts have only used a small portion of last year's financial surplus. It's also true that a few years ago Hong Kong raised tax rates slightly.
But at least they are now being reduced. If only national insurance contributions could also come down again.