Word: kong
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...Hong Kong's port operations, too, have evolved to complement its neighbor, says Michael DeGolyer, a professor at Hong Kong Baptist University who has studied relations between the city and its mainland economic hinterland. "What Shenzhen ports have been doing is straight-through shipment," DeGolyer says. "You fill a full ship with Wal-Mart stuff, and it goes straight to the U.S." That has left Hong Kong's port - which is managed by Hutchison Whampoa, the same Hong Kong conglomerate that operates Shenzhen's - to concentrate on more logistically complex operations, including breaking down containers for shipment to multiple destinations...
...fact, Hong Kong's flirtation with Shenzhen and the surrounding Pearl River Delta is already being consummated. Last month, top officials from Hong Kong and Shenzhen signed an agreement to study jointly developing infrastructure along the border region between the two cities. And, in July, Chinese President Hu Jintao christened a new bridge linking Hong Kong with the Shekou area of Shenzhen, which creates a fourth land crossing for trucks and tourists to stream back and forth...
...Innovation or Oblivion Hong Kong and Shenzhen could still run into the bugbear of all corporate mergers: a clash of cultures. Hong Kong has the world's most open economy, according to U.S.-based think tank the Heritage Foundation; one with low taxes, a mature legal system and international standards of corporate transparency and regulation. The mainland, for all its explosive growth, remains hamstrung by corruption and a centrally planned economy. Beijing has taken slow, measured steps to open its financial markets, but obstacles remain. Because China's currency, the yuan, is nonconvertible, capital can't flow freely between Hong...
...hurdles are meant to be leapt. According to Sassen, Hong Kong's native genius is to continually recalibrate its relationship with China, while still maintaining its status as a cosmopolitan, consummately networked global financial hub. "Hong Kong has to innovate or it sinks," Sassen says. "That's what it's always been so good...
...with the world's rich come their kids, future soft diplomats who either grow up to study, live and work in London or go back home with lifelong links to the city. "You go to Hong Kong now, and half the top businessmen you talk to were educated in Britain," says Barnaby Lenon, headmaster of Harrow, a top boarding school for boys where 10% of the students are foreigners. "Even if our students don't stay in London, if they're involved in the world of finance, it's going to be indirectly a great help to British business...