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1、ChallengesHongKongFacedfromShanghaiasanInternationalFinancialCentre09815346DYUEPujue(Betty)ThedaythatShanghai’sfinancialsystemisprotectedbehindthethickwallsofaclosedaccounthasgoneaway.WhenChina’sStateCouncilrevealedtheplantodevelopShanghaiintoamulti-functionalinternationalfinancialce
2、ntreby2020inthelateMarch2009,ShanghairapidlyrespondedtothecallbyincreasingitsfinancialindustryoutputvalueasashareofShanghai’sGDPfrom10%in2008to12%in2009.Therefore,whetherHongKong,asaninternationalfinancialcentre,isabletosurviveunderShanghai’sfurtheropeningandreformfinancialsystemarou
3、seshotdebate.ThispaperbrieflyrecountsHongKong’srecentdevelopment,introducesthechallengesfromShanghai,comparesHongKong’scompetitivenesswithShanghai’s,givesinsightsofHongKong’snearfuture,andatlastleadstoaconclusion.1.RecentdevelopmentofHongKong’sfinancialsectorAccordingtotheGlobalFinan
4、cialCentresIndex2011,HongKongrankedthird,exceedingSingaporeandonlyfallingbehindLondonandNewYork.ThisnewachievementnotonlyreliesontherecentdevelopmentofHongKong'scapitalmarketandsecuritizationbusiness,butalsoreliesonthereformsinitsfinancialsystem.Overthepast14years,thedevelopmentofHon
5、gKongbasicallyfollowedtheprocessofgradualrelaxationoffinancialregulationsandenhancementofsupervision,whichledtoamorefree,openandresilientmarket.Moreimportantly,these‘relaxationandenhancement’reformsfurtherimprovedfinancialsector’scapitalandoperationalefficiency,largelybecausethedevel
6、opmentofcapitalmarketsbroadenedthecorporatefinancingchannels,theabolitionofinterestrateagreementenabledbankstopricetheirloansanddepositsmorecompetitively,benefitingbothcorporateandindividualborrowers;andbecausetheloweringofmarketentrythresholdandimprovementoffinancialinfrastructurebo
7、thloweredtransactioncostandrisk,whilealsoenhancedmarketefficiencyandtransparency.2.ChallengesfromShanghaiBasedontheGlobalFinancialCentresIndex2010,Shanghaijumpedfromtheeleventhtothesixthcompetitiveglobalfinancialcentreintheworld.AsShanghaihastheuniqueadvantagesofbeingfullyintegratedi
8、ntotheMainla
