Shanghai takes new aim at replacing Hong Kong » Discussions


Shanghai takes new aim at replacing Hong Kong

  • Leader
    Oct 17
    On the coastal reaches southeast of Shanghai, China’s ambitions to
    transform its most populous and affluent city into a global financial
    hub are beginning to take shape on a ring-shaped city reclaimed from the
    sea.To get more shanghai breaking news, you can visit shine news official website.



    Beijing is expected to loosen its tight grip on capital flows and the
    internet within the so-called Lingang free trade zone, a special area
    to become an advanced industries hub. Lingang was incorporated into the
    seven-year-old Shanghai free trade zone in 2019.



    Apart from lower corporate income taxes and duty-free customs zones,
    Lingang will allow unfettered access to Google and Twitter and easier
    international money transfers, freedoms not allowed in mainland China
    that Beijing hopes will spur more foreign investment into its commercial
    and financial capital.



    Chinese President Xi Jinping’s plan not only aims for Shanghai to
    rival New York and London as a global financial hub, it also wants to
    wrest business away from them, ambitions that have everything to do with
    Hong Kong’s social and political malaise and the rising geostrategic
    headwinds now facing the country.