Business
Leveraging the Yuan: A Strategic Move for Hong Kong to Reclaim Economic Supremacy Over Shenzhen
Viewpoint | The role of yuan in giving Hong Kong a competitive edge over Shenzhen
By letting Hong Kong banks provide services in Chinese onshore renminbi, the city could utilize its economic liberties to an unprecedented extent.
This situation should never have come to pass – and there exists a method for Hong Kong to regain its position.
Back in 1993, the total value of goods and services produced in Hong Kong was over 20 times greater than that of Shenzhen. However, fast forward to 2022, Shenzhen's economic output had skyrocketed, growing almost 86 times larger and surpassing that of Hong Kong. On the other hand, Hong Kong's economy only expanded modestly, about 2.3 times larger, based on data from the World Bank.
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