Shanghai free trade zone will deal a blow to Hong Kong: Li
HONG KONG (AFP) - Asia's richest man Li Ka-shing warned that Shanghai's new free trade zone will have a "big impact" on Hong Kong, urging the city to up its game to avoid losing out, his office said on Wednesday.
China will allow unfettered exchange of its yuan currency in its first free trade zone, according to draft plans revealed earlier September, in a bold push to reform the world's second largest economy.
The proposals showed the new Shanghai FTZ as an international trade and financial centre, which analysts say would challenge the free economy of Hong Kong.
"It (the FTZ) will have a big impact on Hong Kong," Li said, in a summary of remarks issued by his office.