“Hong Kong is facing quite a challenge from Shanghai,” said Gui Qiangfang, president of theinstitute.
Shanghai’s economy is in fact already much larger than Hong Kong’s. In the first half of theyear, Shanghai’s gross domestic product increased by 7.2 percent year-on-year to 955.2 billionyuan ($115 billion). That compares with Hong Kong’s GDP of $96.68 billion, a year-on-yearincrease of just 0.9 percent.
Beijing’s GDP is also larger than Hong Kong’s. And Gui projected that the economies of manyof China’s second-tier cities, including Tianjin, Hangzhou and Suzhou, will also become largerthan Hong Kong’s in the next five to eight years.
Source: Shanghai Daily