With Shanghai's strong links to the Chinese mainland market and Hong Kong's status as a global financial gateway, the two cities' differentiated strengths form a uniquely complementary partnership that could drive China's rise as a global financial powerhouse, according to Zhang Weizhong, chairman of Shanghai Pudong Development Bank.

"By injecting catalysts for collaboration between the two cities, Shanghai can serve as a window for reform and opening-up while Hong Kong can act as a 'super-connector' to global markets, shaping a mutually reinforcing development pattern by virtue of their complementary advantages," Zhang said.

Speaking at the 2025 Lujiazui Forum held in Shanghai, Zhang said the foundation and potential for cooperation between Shanghai and Hong Kong as global financial centers are incredibly strong.

Zhang outlined four common traits shared by major global financial centers: a concentration of infrastructure, markets, institutions and fintech talent; a pivotal role in resource allocation and liquidity management; advanced financial rules and standards; and highly open markets with strategic geographic advantages.

"There is no doubt that Hong Kong holds a clear first-mover advantage (as a global financial center), while Shanghai boasts the strengths deriving from the vast market size of the Chinese mainland and its role as a physical hub — making the two cities highly complementary and well-positioned for deeper collaboration."

His remarks came as building strong international financial centers has become a key task and symbol of China's efforts to become a major financial power, with the National Financial Regulatory Administration and the Shanghai government jointly releasing an action plan supporting the development of Shanghai as an international financial center on Wednesday.

On the same day, another action plan for the collaborative development of Shanghai and Hong Kong international financial centers was also signed, made up of 38 detailed measures to deepen cooperation between the two cities in areas such as infrastructure connectivity, financial services and offshore finance.

To deepen collaboration, Zhang proposed a multi-pronged approach centered on regulatory alignment and enhanced market connectivity, coupled with efforts to accelerate fintech cooperation, promote risk prevention frameworks and strengthen talent exchange.

He emphasized the importance of developing unified standards in green finance as well as listing and disclosure regulations, where both cities can benefit from greater harmonization.

Zhang also advocated for deeper market connectivity to build a "fast lane" for cross-border asset allocation, supporting Chinese enterprises seeking to expand overseas and improve asset collation.

Mary Huen, CEO for Standard Chartered Bank Greater China and North Asia, said at the forum that Shanghai and Hong Kong can work together to diversify financing opportunities for tech-driven enterprises at different development stages, nurturing companies representing China's new quality productive forces.

As a long-term participant and beneficiary of China's financial opening-up, Huen said that Standard Chartered is committed to further strengthening financial cooperation between the two cities, supporting Chinese tech-driven enterprises going global.