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|Tuesday, May 01, 2001, updated at 16:02(GMT+8)|
Tsang: Shanghai No Threat to Hong Kong for One or Two GenerationsShanghai won't pose a threat to Hong Kong's status as a financial hub for at least one or two generations, Hong Kong's new chief secretary Donald Tsang said Tuesday.
"Shanghai will not pose a challenge to Hong Kong's financial status, for at least one or two generations, " said Tsang, the former financial secretary who Tuesday took over Anson Chan's post as chief secretary after she retired last month.
"The rule of law, independent justice system, an incorrupt government and civil service system, plus the SAR's (special administrative region) favourable taxation policies" were the four advantages Hong Kong had over Shanghai -- which lagged 20 years behind Hong Kong, said Tsang.
"Not many cities possess what Hong Kong has in terms of being an international financial centre, let alone Shanghai," Tsang said in an interview with Cable Television.
Tsang's remarks followed a report earlier claiming Shanghai's economy will match Hong Kong's within 15 years.
"If the economies of Hong Kong and Shanghai both continue to grow at their respective average rates for the last decade, it will take about 15 years for Shanghai to catch up in terms of the total size of the economy," said Edward Leung, chief economist at the quasi-governmental Trade Development Council.
"It will take about 20 years for Shanghai to catch up in terms of per capita income."
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