Chinafotopress

After the State Council’s announcement last March that Shanghai would be turned into a global financial center by 2020, you could hear a collective sigh of disappointment in Shenzhen and Tianjin, two other cities which were competing for the title of China’s financial center, and had now lost the opportunity to the Yangtze port city. Hong Kong, the traditional financial center of China, now also has to reposition itself to deal with another nearby city offering many of the same services.

But a lot would have to be done for Shanghai to move up the ranks of world fi ......der for Shanghai to become a global financial center it would need a convertible currency, innovative financial products, and an open economy integrated with international money flows. All things that Hong Kong has in spades. “Shanghai will not be able to replace Hong Kong as an international financial center in the future. Hong Kong and Shanghai can development together and win together,” said Shanghai Party Chief Yu Zhengsheng.

Bradley Gardner contributed to this report