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Shanghai beats HK to top ranking
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Shanghai has overtaken Hong Kong for the first time to become China's most competitive city this year following the opening of its pilot free trade zone, the China Institute of City Competitiveness revealed yesterday.
Shanghai scored 16,163.08 to top the competitiveness list, which measures how competitive the cities are based on their economic, social, environmental and cultural conditions.
Hong Kong, which was top in the previous 11 years, scored 16,099.80 to rank second. Beijing, Shenzhen and Guangzhou followed.
"The establishment of the first state-level free trade zone in Shanghai is a powerful driver to enhance the city's competitiveness," said Gui Qiangfang, president of the institute.
"Considering Hong Kong's limited potential for further economic growth, more cities on the Chinese mainland will exceed Hong Kong in the future," he added.
In 2012, Hong Kong lost to Beijing in economic output. Shanghai beat Hong Kong in that area in 2011.
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