American professor makes "Shang Hong Kong" new word

⊙ Li Min-bin ⊙ Li Min-bin, Professor Jeffrey Gatten of Yale University of Management, said in an article in the Financial Times May 10, "If the economy starts to recover, London and New York are no longer competing relationships, they have to be in a bind with Shanghai and Hong Kong," Shang Gang (Shangkong) The new competitor began to compete.　　"It can be said that the word" shangkong "is a good overview of the future of the two cities in the role of each other-cooperation. Shanghai and Hong Kong, one is trying to build an international financial centre, one is an international financial center, two cities are often compared to people. The central government has decided to make Shanghai an international financial centre in an effort to enhance China's position in the international financial architecture. In the face of Shanghai's rising momentum, Hong Kong feels unprecedented pressure. In terms of China's size and economic strength, at the same time, there are not many two international financial centres, but Shanghai and Hong Kong two financial centres is not a simple "Lord, the Outside" problem, in the context of globalization, regional competition is normal, to avoid vicious competition must be mutually beneficial and cooperation. The co-operation between the two places requires the central government to co-ordinate, but it is more important that the two places take the initiative to carry out all-round cooperation in the fields of technology, products, information and personnel, and even boldly implement a unified financial system and market supervision.　　For example, the Shanghai Stock Exchange is moving to create an international board building. The rise of Shanghai does not mean the marginalization of Hong Kong. To enhance the space for development, Hong Kong needs to play a new role, while strengthening its inherent advantages such as professional talents and legal systems. Shanghai's advantage is to rely on the domestic market, Hong Kong's advantages are also backed by the domestic market, but also to a large extent to the international market rapid development, the government and financial institutions must be in the mainland market development and national strategies need to make timely adjustments to take action. Shanghai should be open-minded and catch up, and Hong Kong must have a sense of urgency, as the mainland financial market continues to open and mature, Hong Kong can no longer continue to enjoy the benefits of institutional arbitrage, we must go into the mainland customers to provide more comprehensive and perfect services, the development of new resources and products,　　In particular, Hong Kong has an advantage over Shanghai in helping foreign clients to expand overseas markets and overseas customers to enter the domestic market. Despite the rising global status of China's economy, it will face daunting challenges to make Shanghai a global financial centre.　　Tangible challenges are easy to solve, as long as the investment of more resources, intangible challenges will be more difficult to overcome, the need for a more robust corporate governance system, financial innovation and services, and even the integrated environment need to do more work, this aspect of Hong Kong and Shanghai have a lot of complementary space. After the shock of the financial crisis, the economic power of developed countries and China has been weakened, New York and London in the financial crisis, the global financial situation has been a reshuffle, but the status of New York and London as a global financial centre in the short term difficult to shake. There is no point in discussing the competition between Hong Kong and Shanghai or who dominates, neither the government nor the industryHope to see vicious competition between the two places. The future relationship between the two places must be to co-operate in competition. With its huge economic scale and financial resources, Shanghai and Hong Kong can seize the present opportunity, join hands, complement each other, upgrade together, absorb the lessons of European and American financial markets, and jointly build a world-class financial centre that matches China and Asia in the global economic position, separate categories with New York and London, It will play a greater role in China's economic development and stability in Asian financial markets.