Li says Shanghai poses challenges for HK
27-03-2009
The chairman of Cheung Kong, Li Ka-shing, says the decision to turn Shanghai into a global financial centre would pose challenges for Hong Kong. He also expressed the view that the mainland would be the first to recover from the economic crisis. The mainland media reported that the State Council had given the go-ahead for Shanghai to become a global financial and shipping centre by 2020. Mr Li said he was glad to see the development. But he said the move would inevitably pose challenges to Hong Kong. However, he said it was fine for both cities to be financial hubs. Asked about the current state of the economy, Mr Li said recent economic figures from the US were encouraging, including rising factory orders and home sales, smaller inventories, plus the rebounding stock market. He said the world economy would benefit if the American economy stabilized. He said said China would be the first to recover from the financial crisis, and Hong Kong would benefit from the policies of the central government. He also said a recovery in the US would not be too far away, as the government had put various measures in place to curb unemployment and stimulate the economy.
