Shanghai to challenge H Kong as financial centre: Wen

Chinese Premier Wen Jiabao said Hong Kong faces competition as a financial centre from Shanghai, the Sunday Morning Post reported, citing an interview with reporters in Thailand.

The city has to raise its game because an international financial centre can’t be designated and can only emerge through competition, Wen was quoted as saying, according to the Hong Kong-based, English-language newspaper. He was responding to questions about government support for Shanghai’s plan to become an international financial centre by 2020, the report said.

Wen said Hong Kong should work hard to find a new growth engine for its economy, according to the report. He cited Hong Kong’s history of financial market operations and sound legal system as some of the city’s established advantages, the newspaper said.

 

Category: Hong Kong