As Shanghai is undergoing a very rapid development, there are concerns in Hong Kong that competition from China might be a threat [to the SAR's fortunes]. Goldman Sachs Asia President and Managing Director Richard Gnodde says that with China's entry into the World Trade Organization and the opening up of the China market, the outlook for Hong Kong will be even better. Goldman Sachs' Asian headquarters will continue to be based in Hong Kong. And this is not going to change.(full story)