Shanghai should step up as finance hub, as Hong Kong ‘not enough’, proposal says

Shanghai has been urged to build itself into a hub serving the rising outbound investment needs of Chinese firms, potentially increasing rivalry with Hong Kong as both cities race to augment their status as financial centres. The suggestion by Liu Xiaochun, vice-president of the Shanghai Finance Institute and a senior banker with three decades of experience, was made in mid-June at a closed-door meeting hosted by China Finance 40, a Beijing think tank comprising many top Chinese financial...