Word: xu
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...Shanghai's mayor since 1995, Xu Kuangdi has been the architect of the city's rocketing growth. He spoke with TIME reporter Isabella Ng about the city's future and its position vis-a-vis Hong Kong...
...Xu: Shanghai's goal is to become the major financial, trading and economic center west of the Pacific Ocean. Shanghai is also trying to become an international city in 15 years' time. But I don't think we can replace Hong Kong. Shanghai has advantages. There are seven provinces along the Yangtze River. These account for a third of the country's population and 50% of its output. Those who invest in Shanghai can access this area. But Hong Kong has advantages that no one can compete with...
...Xu: Hong Kong is very cosmopolitan. If Shanghai is the gateway to China, Hong Kong is the gateway to Southeast Asia. Countries like Malaysia, Singapore and Indonesia can borrow money from the American and Japanese banks in Hong Kong. You cannot do this in Shanghai. And Hong Kong has a good port and very good port control. Hong Kong also has the rule of law and an efficient administrative system. Shanghai can hardly replace Hong Kong in those respects...
...Xu: It's not about who replaces whom. Maybe Shanghai's economic growth will surpass that of Hong Kong. But that would not be a "replacement." When Frankfurt started to grow and became a financial center, it could not replace London--they have different traditions and markets. I think Hong Kong will be Asia's financial hub, but Shanghai will be the financial center of China. Its role will be to link China and the world...
...hard work. Many of us Asians went to Australia with empty pockets, and we suffered racism and unfair treatment. But through our sweat we became proud and respected citizens. I urge the Aborigines to do the same. Forget about the past; it is the future that counts. ANNA XU Hong Kong