16 October 2013
With the establishment of the China (Shanghai) Pilot Free Trade Zone, should Hong Kong feel threatened?
It should, according to a senior executive of professional accounting body CPA Australia.
"In three years' time, the Shanghai free trade zone (FTZ) will pose a serious threat to Hong Kong [as a leading Asian financial hub] as Shanghai allows foreign banks to set up joint ventures inside the zone," Peter Lee, divisional president for the Greater China region of CPA Australia, told the Hong Kong Economic Journal's EJ Insight in an interview.
Global companies will choose to set up headquarters in the experimental economic zone where they will enjoy a wide array of supportive measures from the government, Lee said.
Read more in HKTDC Research.