HK's little brother Shenzhen grows up
Shenzhen will set out a new five-year plan today, and it is expected to carry a message for Hong Kong: we're not your kid brother any more.
For years, Hong Kong has treated Shenzhen as its junior partner, a place for Hongkongers to offload unwanted industries and to shop for cheap fakes.
But the one-time fishing village that has become a municipal powerhouse after three decades as a special economic zone has been catching up. Its cheap food and entertainment have been getting more expensive. Its growing ranks of affluent young people now come to Hong Kong to shop for cheaper foreign imports.
It is home to some of the world's leading high-technology companies, putting it ahead of Hong Kong in the field, commentators say, and its ports and airport compete for traffic.
In the next five years, Hong Kong's lead is likely to narrow further. By 2015, Shenzhen's gross domestic product is projected to equal not 60 per cent of Hong Kong's, as it does now, but 80 per cent.
The Shenzhen Communist Party expects the city's GDP to grow by 10 per cent a year and reach 1.5 trillion yuan (HK$1.76 trillion) by 2015. (That was the size of Hong Kong's GDP last year. If Hong Kong maintains economic growth of around 6 per cent per year, its GDP will reach 1.89 trillion yuan in 2015.)