Is Shenzhen becoming the next Hong Kong?

Appley's picture
Rank: Gorilla | 556

Hong Kong relies on banking, real estate and other services. Innovation has largely failed to take off.

Bankers (especially the ones in Hong Kong), what are your thoughts on the city's prospects in comparison to Shenzhen? It seems like Shenzhen has really begun its rise as one of China's economic giants along with Hong Kong and Shanghai. With giants like Huawei and Tencent in Shenzhen, perhaps it may be better to call the city China's Silicon Valley?

In essence, this is what the city means for youth,

There's a frenetic energy here, too. In Shenzhen, says David Li, a founder of the Open Innovation Lab, a tech startup incubator, the "sound of money" is the crackle of duct tape sealing boxes of smartphones, MP3 players and drones for overseas shipment from the world's largest electronics markets.

The article mentions that Hong Kong's economic rise was made possible due to the laissez-faire approach Deng Xiaoping's "One Country, Two Systems" took in basically allowing Hong Kong to act within the framework of capitalism. Meanwhile, this does not apply to Shenzhen. Yet soon both cities will be neck-and-neck with each other for the attention of the talented young'uns. I think this highlights a really interesting -- if not mildly ominous -- data point that favors a socialist structure over a capitalist one; Shenzhen vs Hong Kong. Perhaps this city will become another example for people to favor socialism?

And so the questions I'd like to hear your thoughts on,
1. What are your thoughts on Shenzhen's growth as an economic powerhouse?
2. How is Hong Kong faring in comparison and can the city be able to keep up with the current state of things?
3. Have any of used products by Huawei or Tencent? If you have, do you think these companies could easily become contenders in joining the group of Asia's tech giants?

What are your general thoughts on the matter?

EDIT: Also, happy 4th of July for anyone who's still on here! ...or for everyone who comes back! I hope you all had a good one.