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Xu Kuangdi: Shanghai Not to Replace HK
Xu Kuangdi, mayor of Shanghai Municipality, said March 10 that Shanghai wouldn't take the place of Hong Kong as a financial center.
NPC deputy told media that Shanghai and Hong Kong are just like two vanguards of the Chinese soccer team and they will compete for more scores, but will not substitute each other. The more goals they score, the more the Chinese economy will develop.
He said that for Shanghai to become an international financial center is the result of the high-level development of the Chinese mainland's economy as a whole. Finance is the blood system of the modern economy, because the circulation and input of funds constitute an important base for economic development. With the fast post-war German economic development, Frankfurt became a new financial center in Europe, but it hadn't taken the place of London and other cities as international financial centers. In the future, Shanghai will also become one of the world financial centers, but it will not replace Hong Kong.
Xu, an academician with the Chinese Academy of Engineering, drew an analogy: Boeing 727 needs two engines and Boeing 747 four engines, After China's economic aggregate grows, the demand for funds will multiply, naturally a financial supporting system is required. In the future, the financial center of Shanghai alone will be insufficient, Tianjin, Dalian will also become financial centers.
Meanwhile, he also noted that without the Chinese mainland's economic growth, it is impossible for Hong Kong to retain its status as an international financial center.
By PD Online Staff Member Deng Gang
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