When two top officials warn, within a few days, that Hong Kong is in danger of being marginalised, it cannot be taken lightly.
On Thursday, the chief of the Hong Kong Monetary Authority, Joseph Yam Chi-kwong, told a forum: 'As the mainland has quickened reform of its financial system, Hong Kong - as a middleman between the mainland and overseas [investors] - could be marginalised.' The city, he said, must strengthen its role as a financial intermediary with the mainland if it is to remain an international financial centre.
On Monday, Chief Secretary Rafael Hui Si-yan said Hong Kong must squarely face the danger of being marginalised by other cities in the Pearl River Delta, as they speed up the development of infrastructure such as ports and roads. This poses challenges to the city's logistics industry, he said.
Financial services and logistics are two of the four pillars of the economy identified by the government. So these warnings overshadowed other - seemingly upbeat - predictions made about Hong Kong last week.
Citing Hong Kong's international connections and rule of law, a vice-chairman of the National People's Congress, Xu Jialu , said no mainland cities could replace its role in the foreseeable future. Separately, a study conducted by the Chinese Academy of Social Sciences rated Hong Kong the most competitive Chinese city. It noted, however, that we rank near the bottom of ratings for economic growth.
Still, an air of anxiety about Hong Kong's role and competitiveness is in the air, generated by the 11th national five-year plan, passed at the NPC plenum this month. The plan called for faster development of service industries - including logistics, financial, information and commercial services - on the mainland, causing jitters in the city's political and business circles.
