Yiu Chi-shing, a Hong Kong-based member of the standing committee of the Chinese People’s Political Consultative Conference, said Hong Kong could not be unseated as China’s top financial hub. The city remained the largest source of foreign funds for the country and had a complete legal framework on par with international standards, he said.
“Not a single mainland city can compare to Hong Kong as a world-class international financial centre,” Yiu said.
But the rivalry with Shanghai should not be the main focus, he added.
“The development of Hong Kong and Shanghai’s finance sectors should not be carried out with the mindset of ‘who replaces whom’, but rather through the creation of a synergy to jointly offer financial support for the country’s high-quality development,” Yiu said.
Hong Kong should consolidate its status as an international hub, he said, helping to connect the mainland’s markets with Western counterparts. Shanghai, meanwhile, should build itself into an onshore financial centre focused on serving the mainland’s real economy, he said.