Raising taxes 'inevitable' as population ages: HK official

Hong Kong

HONG Kong will likely need to raise taxes and introduce new levies as an aging population is increasing public expenditure, according to the city's top financial services official.

"Facing a fiscal gap brought on by an aging population, raising taxes is inevitable," K C Chan, Secretary for Financial Services and the Treasury, said in his blog on Sunday. His remarks came after the government started a six-month public consultation last month to identify ways to enhance retirement protection.