I understand your sentiment, but from a technical point of view, Cato Institute says Hongkong implements an MFP pension system, not a PAYG system. I.e., you contribute to your own pension; your contributions are not being used for the pension of current retirees.

IMO, the former is much more sustainable than the latter. Ofc, you are still dependent on market conditions and the funds where the money is being invested to. And ofc, it also depends on the government's goodwill, as illustrated here.