According to the latest data form Shanghai Municipal Government, the city's GDP in 2009 was 1.49 trillion yuan ($218.28 billion). The Census and Statistics Department of the Government of Hong Kong Special Administrative Region (HKSAR) disclosed February 24 that Hong Kong's GDP hit 1.60 trillion Hong Kong dollars, or 1.43 trillion yuan last year, down 2.7 percent compared with 2008.

Hong Kong and Shanghai are the cities with active cooperation. Shanghai, with higher GDP, is not a threat to Hong Kong, said Donald Tsang Yam-Kuen, chief executive of the HKSAR. 

Shanghai's port handling capacity and stock market value have already exceeded that of Hong Kong. The fact that Shanghai's GDP recorded higher than Hong Kong in 2009 reflected the fierce competition between the two cities. However, cooperation should still be the top agenda.

The impact of the global financial crisis led to Hong Kong's slower economic growth, but that couldn't be the final nail, said some experts.

The figure also reflected the problems in various dimensions, said Sun Lijian, professor of China Center for Economic Studies, Fudan University. "The global financial crisis has distinct impact on the two cities. Hong Kong was more severely affected by the crisis as it depends more on finance, port trade and related services sectors."

With the establishment of Yangshan Port and other projects, some existing businesses of Hong Kong was diverted by Shanghai in homogenous competition. There were various reasons that contributed to Shanghai's higher GDP in 2009.

Sun added that although Hong Kong suffered a lot from the crisis due to its high dependence on the overseas market, it would rebound as soon as the global economy warms up. For example, Hong Kong's GDP growth rate jumped from negative 2.3 percent to positive 2.8 percent in Q4, 2009 with the global recovery. 

"If the government's stimulus policies exit, Shanghai's growth trend still remains to be seen."