Shanghai will become the world center of yuan trading, clearing and pricing by 2015, according to a new plan published by the National Development and Reform Commission. The plan will see the total value of financial market transactions nearly tripling to 1,000 trillion yuan (US$158 trillion). more ›

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 more ›