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shanghai or hong kong
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shanghai or hong kong
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Direct investment outstanding is about US$150 billion in Greater Shanghai versus US$450 billion in Great Hong Kong (unsurprisingly, Hong Kong accounts for US$380 billion of that).
We can observe a possibly bigger dichotomy between the twins in their current stock market performance. Many people try to attribute it to Shanghai’s regulatory backwardness or Hong Kong’s rule-of-law advantage, but the deplorable downward trend in the Shanghai Stock: China’s economic performance personnel change in Shanghai’s regulatory authorities did not seem to help very much, the true cause of the trouble might be much deeper. But again, it might be just that the Shanghai market went too far until recently, and Hong Kong’s just doing a long overdue catch-up. Since its beginning in 1964, the Hang Seng Index has grown at an average 13 percent a year, while the Shanghai Stock Index has increased at 20 percent in the 14 years since its inception. (The Hang Seng Index’s performance since 1990 has also been 12 percent or so.) If both markets are actually betting on the same fundamental, apparently either the Hang Seng Index lagged too much or the Shanghai Index went too far ahead.
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