Business seats on flights from Hong Kong to Beijing and Shanghai are now packed full on Monday mornings and Friday evenings, according to China's banking regulator, Liu Mingkang.
A decade ago, the migration was in the other direction, with migrant labourers from China flooding into Hong Kong.
The reverse commuting from Hong Kong is one sign of the growing economic importance of mainland China compared to its former colony.
And Shanghai's vibrant shopping streets now attract visitors from Hong Kong and around the world.
But residents of Shanghai - whose per capita income, though it is the highest in China, is still well below people in Hong Kong - still envy their richer cousins.
A decade ago, the migration was in the other direction, with migrant labourers from China flooding into Hong Kong.
The reverse commuting from Hong Kong is one sign of the growing economic importance of mainland China compared to its former colony.
And Shanghai's vibrant shopping streets now attract visitors from Hong Kong and around the world.
But residents of Shanghai - whose per capita income, though it is the highest in China, is still well below people in Hong Kong - still envy their richer cousins.
And according to Professor Saskia Sassen, an expert on globalisation who teaches at the London School of Economics, Shanghai is still lagging behind Hong Kong as a truly global city.
But will it overtake its rival in the race for financial supremacy?
Economic liberalisation
In the 1980s, Hong Kong was the vital entrepot between mainland China and the outside world.
But will it overtake its rival in the race for financial supremacy?
Economic liberalisation
In the 1980s, Hong Kong was the vital entrepot between mainland China and the outside world.
Goods assembled in China were re-exported through Hong Kong, while financial and business services were provided for Chinese companies which traded with the West.
And when the Chinese government decided to open up its economy to foreign investment, the first special economic zone - Shenzhen - was chosen for its proximity to Hong Kong.
Many Hong Kong businesses, especially in textiles and clothing, relocated, bringing expertise and capital to the mainland.
The specialisation of Hong Kong in financial and business services increased as manufacturing jobs moved to the mainland.
And Chinese companies used the Hong Kong stock market when they wanted to raise money.
Hong Kong's open financial markets meant that it came under pressure during the Asian financial crisis in 1997, just after the handover.
Only massive intervention by the government prevented a financial meltdown.
The Shanghai boom
But by the 1990s, it had become clear that China's economic policy-makers were tilting towards the development of other economic regions, especially Shanghai and Beijing, as the leading centres of foreign investment.
And when the Chinese government decided to open up its economy to foreign investment, the first special economic zone - Shenzhen - was chosen for its proximity to Hong Kong.
Many Hong Kong businesses, especially in textiles and clothing, relocated, bringing expertise and capital to the mainland.
The specialisation of Hong Kong in financial and business services increased as manufacturing jobs moved to the mainland.
And Chinese companies used the Hong Kong stock market when they wanted to raise money.
Hong Kong's open financial markets meant that it came under pressure during the Asian financial crisis in 1997, just after the handover.
Only massive intervention by the government prevented a financial meltdown.
The Shanghai boom
But by the 1990s, it had become clear that China's economic policy-makers were tilting towards the development of other economic regions, especially Shanghai and Beijing, as the leading centres of foreign investment.
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