Shanghai Rising in a Globalizing World
42 Pages Posted: 20 Apr 2016
Date Written: June 2001
If the Chinese economy can sustain its growth rate, it will rival the United States in a few decades. And if Shanghai can sustain its preeminence in China, it is the East Asian city most likely to become a global center on a par with New York, London, and Tokyo - if China can become open and competitive and if Shanghai can greatly improve in terms of industry, housing, infrastructure, and quality of life, among other things.
In a globalizing world, cities at or near the apex of the international urban hierarchy are among the favored few - New York, London, and Tokyo - that have acquired large economic, cultural, and symbolic roles. Among a handful of regions that aspire to such a role - such as Hong Kong, Miami, and Sao Paulo - Shanghai has reasonable long-term prospects.If the Chinese economy can sustain its growth rate, it will rival the United States in a few decades. And if Shanghai can sustain its preeminence in China, it is the East Asian city most likely to become a global center. Yusuf and Wu explore the makings of a world city, identify ingredients essential for that status, indicate national and municipal policies that may set Shanghai on the path to being a global city, and show how such policies are being implemented.
As urbanization continues, the authors say, and as information technology and finance related service activities take on even more importance, the number of regional and global centers could increase, but only if they satisfy some exacting requirements. Shanghai's chances, for example, depend on the extent to which China opens up and on a host of municipal policies - policies that emphasize Shanghai's industrial strength, substantially enlarge its base of information technology and producer services, ensure an adequate supply of skills, expand available housing and infrastructure enough to meet demand, and improve the quality of life.
This paper is a product of the Development Research Group.
Suggested Citation: Suggested Citation