Explaining that commentators sometimes overestimate the threat posed by other cities in the region, such as Shanghai and Singapore, Mr Miller argued that rival territories are aiming at different areas of the Chinese mainland, and suggested that as China continues to open up to foreign investment, there will be more than enough opportunities to go round.

'The size of the pie is growing at an incredible speed. Whichever way you look at it - whether from Shanghai or from Hong Kong - significant investment will be needed in new port capacity and other infrastructure simply to keep pace with the phenomenal growth in trade flows,' the Hong Kong Standard quoted the Permanent Secretary as observing this week.