Shanghai has overtaken Hong Kong to become the most competitive city in China, thanks to the establishment of its free trade zone, the official Xinhua news agency reported Tuesday, citing a report released by the China Institute of City Competitiveness. This is the first time Hong Kong slid in the ranking after taking the top honor for 11 straight years. Hong Kong is rated with the highest asset quality and safety as it retains its role as Asia Pacific’s key international financial, trade, shipping, travel and information center, the report said. However, Hong Kong’s economic growth potential is somewhat limited, which suggests cities such as Beijing, Guangzhou, Tianjin and Chongqing could also overtake it in the future, institute chairman Gui Qiangfang was quoted as saying.
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