Everyone knew that when Shanghai awoke from its half-century communist-induced slumber it would begin to challenge Hong Kong as the foremost eastern seaboard city in China, but few could have foreseen that one of the decisive battles would be fought over Mickey Mouse.
Both Shanghai, now the burgeoning financial capital of China, and Hong Kong, the former British crown jewel, are competing for the contract to build a Disney theme park to draw in millions of tourists and boost their economies.
Hong Kong's financial secretary, Sir Donald Tsang, announced a possible deal to build a Disneyland in the former British territory during his budget speech last week, sparking optimism about the future and a stock market rally. "I am fully aware of and indeed share the public's excitement at the prospect of seeing Mickey and his friends in Hong Kong," he said.
Until recently it seemed that there would be no competition from mainland China, as Disney had offended Beijing with Kundun, a film by director Martin Scorsese eulogising the Dalai Lama, Tibet's exiled spiritual leader.
But Disney's chairman, Mr Michael Eisner, has made his peace with Beijing with the help of another movie, Mulan, an animated film telling the story of a girl who poses as her warrior father to fight for the Chinese emperor against invading hordes, which has just gone on release in China. He has now come under pressure from Beijing to construct the potentially lucrative theme park in Shanghai.
After visiting the Chinese capital late last year, Mr Eisner expressed confidence that the Chinese people loved Mickey Mouse, and let it be known Disney was contemplating a major investment plunge in China - without disclosing which city.
The Shanghai mayor, Mr Xu Kuangdi, has now said he is about to enter negotiations with Disney on a theme park in the city. He denied that a race was on with Hong Kong, saying in Beijing yesterday: "If you build one first in Hong Kong and another in Shanghai, it is not too much. Whether it is in Hong Kong or Shanghai, we are extremely happy because China needs a Disney park." Not entirely convincingly he added: "Whoever scores the goal, it is the Chinese team."
A Disney park on the Chinese mainland is not expected to run into the cultural resistance experience by Euro Disney in France. Whether in Hong Kong or Shanghai, it could create huge profits and new infrastructure and would attract up to three million tourists a year.
Shanghai's large population and land availability would guarantee advantages for Disney, Mr Xu said, disclosing that late in February the Shanghai city vice-mayor, Mr Zhou Yupeng, visited Disney headquarters to discuss establishing a park in Pudong, the new financial district of Shanghai.
Hong Kong is this week engaged in talks with a Disney team to finalise an agreement by June 30th for the building of a site on the north of Lantau island which would create thousands of jobs.
Some Hong Kong observers suspect that Disney's flirtation with Shanghai is being used by the company to win a better deal. A preliminary agreement has been struck between Walt Disney Co and a Hong Kong company, Sun Hung Kai Properties, for the construction and management of a theme park.
Meanwhile, officials in the town of Subic Bay in the Philippines said they were expecting Disney executives to arrive there in the next two weeks to assess the area for another park. As yet, only Tokyo, among Asian countries, has a Disney theme park.