But this project may potentially steal more of Hong Kong's shipping business and give it to Shenzhen.
The impudence of Shenzhen!
Shenzhen, long Hong Kong's trade nemesis in shipping, is asking the city to co-finance the creation of a US$45 billion logistics centre in the Shenzhen area of Qianhai.
Shenzhen officials are calling for Hong Kong to support the project, saying the two shipping centres should work together in a division of labour.
While the request seems innocuous, what it really means is that Hong Kong is being asked to help build a logistics center that will ultimately steal more of its shipping business and give it to Shenzhen.
"Asking Hong Kong to support the development is like asking the city to help pay for the bullet that will be used in its execution," said a maritime analyst.
He noted that ". . . for most of the last decade Shenzhen has been stealing its (Hong Kong's) lunch."
Hong Kong will only just manage to hold off Shenzhen in global annual throughput terms in 2011, but no one doubts Hong Kong will lose its third place to Shenzhen in 2013.
If Qianhai helps increase the movement of cargo,". . . maybe Hong Kong can benefit in the offering of logistics services. But there is no need for the city to help pay for players on the opposing team."
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