Updated at 7.27pm: A survey conducted by the Outstanding Young Persons' Association showed that nearly 40 per cent of the Hong Kong students they questioned believed that Singapore and Shanghai would eventually outstrip Hong Kong. About half of the students thought Singapore was Hong Kong's strongest competitor, while 30 per cent thought Shanghai was Hong Kong's greatest rival. ''Generally students thought Singaporeans are of better quality and far-sighted. They have a better education system and better language abilities,'' said Li Pang-kwong, director of Research and Survey Programme at Lingnan University. ''Students picked Shanghai generally, thinking it has more advantages economically.'' Mr Li said the opinions expressed by the students they surveyed reflected those of businesspeople. ''On the positive side, knowing that we have strong competitors should encourage young people to work together to lift the image of Hong Kong, but on the negative side, this can be depressing,'' Mr Li said. Mr Li said that Hong Kong people should consider more than short-term profits. He said the Government and the public should reach a consensus as to what Hong Kong should be, a world-class financial centre or a city of advanced technology. Respondents also hoped the government could improve its policies on livelihood and education. The survey was conducted amongst 948 students attending the Future Young Leaders' Forum in September this year. Most of them were outstanding students from Form 5 to Form 7 at local secondary schools.