approval then what you're going to get is shanghai hong kong singapore multiple other financial centers perhaps none by who knows they're going to go and just implement the product anyway and i think that's the difficulty i don't disagree with you that there are methodology used that can be deployed but to put in a full on a and turn around and say you can't list a new product until we've decided whether it's good for us or not actually that would have stifled incredible financial regulation that has helped. me. here because we've got we just heard there from patrick and i want to go right now to arnold do markets do better than regulators arnold. that's not a there's not a pier question i don't think you should take want to extreme you shouldn't have faith in that markets are you know this is television ok so i'm trying to make it is simple for my viewers as possible go ahead i was in investment banking there years i understand ok ok and you shouldn't have faith that banks are always wrong one important point i'll just make about the financial crisis a lot of people talk about how cons

but shanghai wants to compete with the world's largest ports like hong kong, singapore and taiwan. ese cities operate transshipment ports, where containers are routed to and from destinations around the world. so shanghai is extending their influence out to sea. they are building a huge causeway connwhere they are buildings, a new deepwar port. the first terminal will take five years to complete. according to geographer james wang, it's a huge gamble. wang: maybe later on, the shipping lines change their mind, not using shanghai as a hub. so, major shipping lines can go to another port near shanghai like ningbo, because decentralization in china at this moment means that local ports can compete with each other to attract those major shipping lines, to use other ports instead of shanghai. shanghai may lose, there's a possibility. so shanghai is trying to use both economic means and administrative means to make sure that in future, shanghai will be the only hub in that area. narrator: but more than rivers were clogged here. shanghai had to use all its muscle to deal with other kinds o

hong kong, kaohsiung in taiwan, aneven shanghai are not simply looking on with envy. they are undertaking their own development programs and steadi attracting more business. singapore feeling ireasing pressurerom their competition. and e late 1990s saw the asian economic csis-- slowdowns in some soutast asian counies had a domino effect on singapore. to stay ahead, singapore needs to keep finding new ways to set itself apart. it's now a global hub ofechnological innovation-- a wired island. singapore has a long-term sttegy to develop into an information society, and that's been one of the major things that's been happening in singapore-- to allow your companies and your headquarters and regional headquarters or international headquarters to communicate with the rest of the world. poon: singapore is a very wired island. it doesn't have natural resources the way, say, the other countries arou the region have, so what it does is it makes a lot of investments in its people. and when it comes to it, that's people resources. so what singapore has actively been promoting is to try and get the island as wired as possible, whican infrastructure that's ready to goplace wheno