Economy: “Chinese Cities Set to Fuel Growth Worldwide”

29/10/2019

Economy speaks Chinese. In 2035 four of the top ten cities in the world will be Chinese. Europe behind, according to Oxford Economics report

 

Cities are the engines of the modern economy. And Chinese will be the main one. Over half of the world now lives in urban areas, and urbanization continues to shape the trajectory of global growth in unprecedented ways. Cities must be livable. They must be clean, environmentally friendly and healthy places to live, work and raise a family. They must also be places where technology becomes part of the urban environment.

By the way, the most important cities of today may be quite different than those leading the charge in the future. Moreover, according to Oxford Economics report – “Which Cities Will Be Leading the Global Economy in 2035?” –  4 of top 10 cities in 2035 will be Chinese. Plus, by 2027 the aggregate GDP of all Asian cities, led by China, will for the first time exceed the combined GDP of all North American and European cities.

The top 10 cities by gross domestic product (GDP) in 2035 will be fairly widespread. Three cities are expected to be in the US: New York, Los Angeles, and Chicago. But the report said that by 2035, Chinese cities will generate more output than all the cities in North America or Europe. The Big Apple’s, will be followed by Tokyo and Los Angeles, with Shanghai and London tied for fourth place.

The reason why Asian and Chinese cities look set to become bigger than the sum of European and North American cities is because their economies have been growing faster. This has been happening for several years, and this trend will continue, nevertheless more slowly.

 

 

Beijing is the main city in Northern China, while Shanghai, Hangzhou, Nanjing are the main economic driver in the Eastern coast. Plus, Chengdu-Chongqing cluster is boosting central area of China and  Shenzhen with Guangzhou, both in Guangdong province, are already among the largest Chinese cities and are also among the fastest growing. This relates to the success and importance of the Pearl River Delta economy, with its favorable proximity to Southeast Asia and trade routes to Europe.

New technologies can help governments tackle the challenges associated with cities. We’re heading into a new era of “smart cities”, where the connectedness of people, vehicles and infrastructure will allow cities to become cleaner, more efficient and safer places to live.

In the emerging world, as millions of people urbanize over the coming decades, many cities will be building infrastructure and will have the chance to maximize the economic benefits that come from using smart city technologies. With China’s growth, global growth will be driven even more by Asian economies. This is already happening. 

 

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