Hong Kong challenges Shanghai

As a response to the establishment of a free-trade zone in Shanghai, Hong Kong will strengthen its position as one of the region's key shipping hubs.

Photo: Thomas Borberg

A battle for the affections of the shipping industry is currently raging in Asia - especially in China.

Last year Shanghai established a free-trade zone, which, among other things, has opened the doors for ships with foreign flags, allowing them to sail along the coasts of China. And this free-trade zone has brought an attempt at using a market-based interest rate, eased restrictions on foreign investments, and the control in 18 sectors has also been loosened in the zone. These sectors cover everything from finance to shipping and cultural activities.

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