Their diligence and frugal lifestyle also give them a competitive edge. Unless we consciously improve, our lead will disappear. We are faced with great challenges. But we are also seeing great opportunities. According to the World Bank, China's gross national product currently ranks 7th in the world, and will rise to 2nd or 3rd place by 2020, with an enormous cumulative growth in the interim.
Nothing can stop China's advance.
If Hong Kong can play an active part in the process, not only will we make a contribution to our country, but we will also benefit. Economic Restructuring 41. With the bursting of the asset price bubbles in some Asian economies during the financial turmoil, competition in the region has intensified. Hong Kong cannot count on a recovery led by asset inflation. Also, some labour-intensive service industries have followed the lead of the manufacturing sector and moved to the Mainland or overseas.