China Institute of City Competitiveness announced that in the Chinese citys competitiveness ranking, Shanghai ranked first by, for the first time in 11 years, going beyond Hong Kong, which ranks second, immediately followed by Beijing. The Institute Chairman Gui Qiangfang explained that in the past two years, the Hong Kong GDP growth and financial growth were slower than Shanghais.

Gui added that the margin between Hong Kong and Shanghai is narrow, so the comparative advantage of Shanghai may not last long. Above all, the Hong Kongs cumulative strength in finance, talents and systems will always be hard to beat.

The evaluation indicators for the ranking include comprehensive economic, industrial, fiscal and financial, commerce and trade and infrastructure competitiveness.