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Ever since the State Council revealed plans to transform Shanghai into a global financial and shipping center by 2020, rumors have been swirling of a competition for supremacy between it and Greater China's current economic center, Hong Kong. Not that the official stance should surprise anyone, but Shanghai's most senior Communist Party member has now come out to say any "rivalry" is completely imagined. Yu Zhengsheng told Hong Kong media that the two cities would "always be complementary to each other and the growth of the two cities brings them mutual benefits." This marks the first time the government has said anything... which almost makes you wonder. If they felt the need to assure people of its nonexistance, maybe there's some truth to the rivalry after all? Source: SCMP
Shanghai official downplays rivalry with Hong Kong
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Of course it's imagined. There's no way Shanghai can compete with HK on the international finance market. There are a couple of small hurdles called Rule of Law and Information Freedom that are necessary, which Shanghai does not have. The SCMP is just on the bandwagon of reporting Chicken Little, sky-is-falling "news".
Other than being the playground for young punk Taiwanese-American posers, Shanghai is just a good place to have a weekend pissup.
Of course there is a rivalry, especially when mainland officials call HKers "bananas" because they are still sore about being "country bumpkin uncles" to HK. HK is simply BETTER. Beijing would rather have Shanghai take over so that pure "Chinese characteristics" can take over a major world stock and finance market. Too bad none of the real talent wants to live in a smoggy junkyard.
Here's a little article about China's "recovery":
http://www.asiasentinel.com/index.php?option=com_content&task=view&id=1938&Itemid=422
Looks like your Ford have decided to make the Smoggy Junkyard their Asian HQ. LOL!
http://www.automotive-business-review.com/news/ford_to_move_asian_hq_to_china_220609
Sure, I mean Citibank moved its East Asian headquarters to Shanghai, a competition is natural. Shanghai has a cost-savings because they can pay 1/4th the salary because China's economy is shit.
Everyone here in HKG knows that if China decides to turn off the tap, HKG is fukked. So when China insinuated that Shanghai is da man, HK people obvioulsy got nervous. Yeah, HK has rule of law, but ain't worth snuff if China isn't playing. LOL! BTW, I am a Hongkie (Heung Gong Yan), but I love this smoggy junkyard of Shanghai so much I am actually planning to stay there, certainly beats depressed crime ridden NYC anyday. Go Shanghai!