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1、ChallengesHongKongFacedfromShanghaiasanInternationalFinancialCentre09815346DYUEPujue(Betty)ThedaythatShanghai^financialsystemisprotectedbehindthethickwallsofaclosedaccounthasgoneaway.WhenChina'sStateCouncilrevealedtheplantodevelopShanghaiintoamulti-functionalinternationalfinancialcentreby2020i
2、nthelateMarch2009,ShanghairapidlyrespondedtothecallbyincreasingitsfinancialindustryoutputvalueasashareofShanghai'sGDPfrom10%in2008to12%in2009.Therefore,whetherHongKong,asaninternationalfinancialcentre,isabletosurviveunderShanghai^furtheropeningandreformfinancialsystemarouseshotdebate.Thispaper
3、brieflyrecountsHongKong'srecentdevelopment,introducesthechallengesfromShanghai,comparesHongKong'scompetitivenesswithShanghai's,givesinsightsofHongKong'snearfuture,andatlastleadstoaconclusion.1.RecentdevelopmentofHongKong^sfinancialsectorAccordingtotheGlobalFinancialCentresIndex2011,HongKongran
4、kedthird,exceedingSingaporeandonlyfallingbehindLondonandNewYork.ThisnewachievementnotonlyreliesontherecentdevelopmentofHongKongscapitalmarketandsecuritizationbusiness,butalsoreliesonthereformsinitsfinancialsystem.Overthepast14years,thedevelopmentofHongKongbasicallyfollowedtheprocessofgradualre
5、laxationoffinancialregulationsandenhancementofsupervision,whichledtoamorefree,openandresilientmarket>Moreimportantly,these'relaxationandenhancement5reformsfurtherimprovedfinancialsector'scapitalandoperationalefficiency,largelybecausethedevelopmentofcapitalmarketsbroadenedthecorporatefinancingc
6、hannels,theabolitionofinterestrateagreementenabledbankstopricetheirloansanddepositsmorecompetitively,benefitingbothcorporateandindividualborrowers;andbecausetheloweringofmarketentrythresholdandimprovementoffinancialinfrastructurebothloweredtransactioncostandrisk,whilealsoenhancedmarketefficien
7、cyandtransparency.2.ChallengesfromShanghaiBasedontheGlobalFinancialCentresIndex2010,Shanghaijumpedfromtheeleventhtothesixthcompetitiveglobalfinancialcentreintheworld.AsShanghaihastheuniqueadvantagesofbeingfullyintegratedintotheMainlande
