Li warning heats up Hong Kong-Shanghai debate
Cheung Kong boss' comments spark talk about the future of the city under the shadow of the mainland's landmark free-trade zone plan
Hong Kong dealmaker par excellence Li Ka-shing, fondly known to locals as Superman, says Shanghai's free-trade zone could be Kryptonite to the city in which he built his fortune.
Beijing's landmark plan to create a Hong Kong-like free-trade zone in Shanghai - the mainland's biggest economic experiment since the creation of Shenzhen, its pioneering special economic zone - has sparked a debate over whether it would lead to the twilight of Hong Kong.
Li, Asia's richest man, joined the debate on Tuesday, urging Hongkongers to pull together to accelerate their city's development and prevent it from being rapidly eclipsed by Shanghai and other potential rivals.
Hong Kong’s ability to grow as the gateway … will sooner or later be over
The free-trade zone in Shanghai, the mainland's first, is to be officially launched towards the end of the month.
New regulations governing about 50 aspects of its operation were expected to be released at the launch ceremony, government sources said.
They said another set of rules, aimed at attracting foreign investment to the zone, might be released by the end of the year, depending on its progress.
The plan is widely considered to be personally led by Premier Li Keqiang.
