hong kong: Hong Kong is not afraid of rising competition from mainland cities such as Shenzhen in South China's Guangdong Province and Shanghai, which have been rising rapidly, Hong Kong Finance Secretary Paul Chan Mo-po said in an exclusive interview with the Global Times on Wednesday, according to Global Times China. We have to take a strategic perspective to continuously increase our competitiveness, so that we won't be afraid of competition. Photo Lu Wenao/GT Hong Kong is irreplaceable in its prominent role in the nation's economic development, given its unique system and strong complementarities with the Chinese mainland, though it faces rising downward pressure due in part to persistent unrest and intensifying competition from some mainland cities, officials and analysts said. Hong Kong has always been an open market, we don't need to fear rivalry - only incompetence, Chan told the Global Times. Economic statistics are showing signs of recession, as street violence weighs on small and medium-sized enterprises SMEs drives away tourists and investors and paralyzes public transport systems. Hong Kong has been suffering from months of social unrest, which hurts its pillar industries and dents its reputation as a global finance and trade hub.
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