Hong Kong and Shanghai are both two pearls in China，and they play a key role in the process of Chinese modernization development. However，the economic development of the two cities has its own characteristics in view of the different stages and institutional environment in the economic development. The paper mainly analyze and compare the scale，the speed and the cooperation between Hong Kong and Shanghai’s economic development，in order that people can understand the complementarities and the gap of economic development between Hong Kong and Shanghai presently more clearly and directly.