With the drum beating for the development of the costal areas of Tianjin near Beijing, the curtain seems to be rising on yet another “financial center” in China. When Shanghai sought a similar role several years ago, bankers and investors around the world wondered whether the aim was really for Shanghai to replace Hong Kong as China’s financial heart. In the current pilot project, Tianjin in China’s north and Shanghai in the south are competing against each other, prompting even more second-guessing.
With the drum beating for the development of the costal areas of Tianjin near Beijing, the curtain seems to be rising on yet another “financial center” in China. When Shanghai sought a similar role several years ago, bankers and investors around the world wondered whether the aim was really for Shanghai to replace Hong Kong as China’s financial heart. In the current pilot project, Tianjin in China’s north and Shanghai in the south are competing against each other, prompting even more second-guessing.