The Hang Seng Index suffers a modest plunge as insurers, banks and property developers worry that Beijing’s new drive to tax decades of offshore income will dissuade wealthy Mainlanders from parking their money in Hong Kong. Some observers will wonder why China’s increasingly cash-strapped authorities took so long to sort out the loopholes that allow Hong Kong (and other jurisdictions) to benefit from Mainlanders dodging taxes and capital controls. In Asia Times, the boss of a financial advisory company points out that many countries will want to widen their tax nets in the coming years. What wealthy families fear in a moment like this is rarely the tax rate itself. An HKFP op-ed looks at overseas scholarships – the latest national-security threat to face Hong Kong.