Chengdu – August 6, 2018 —
Recently, America’s most influential think tank “Brookings Institution” released the Global Metro Monitor 2018. Based on data from Oxford Economics, this report employs two indicators including per capita GDP and employment growth rate to assess the comprehensive economic performance of 300 global largest metropolises in the past few years. Judging from the data, by virtue of strong growth momentum, Chinese metropolitan economies, especially Chengdu, have cut a conspicuous figure among not only all countries but also all regions. With a growth rate of 7.2% and 5.9% respectively in per capita GDP and employment, Chengdu ranks third in the world and first in all Chinese metropolises on the list.
According to the report, global metropolitan economies take the lead in global economic aggregate, employment and population with “disproportionate” dominance – the 300 largest metropolitan economies in the world account for nearly half of all global output. Researchers from Brookings Institution describe these metropolises with high concentration of resources in terms of “sub-national dynamics” to highlight their unique role in creating global economic and societal trends.
Significantly, the Institution carried out research into 300 global typical metropolises as early as 2012, and only 48 Chinese cities were on the list. However, the figure leaps to 103 in the Global Metro Monitor 2018, higher than the total of North America and West Europe, which speaks volume for the strength of Chinese metropolises.
Apart from Beijing, Shanghai and Guangzhou that live up to expectations of ranking high in the list, other emerging metropolises in China also make a bright figure. According to the report, although the rapid economic growth has brought Chinese cities to the fore all over the world, many cities in China remain little-known. To research into the changes of these cities, Brookings Institution has classified 103 Chinese cities into five categories according to city size, industrial structure and growth mode. Beijing and Shanghai fall into the category of mega city, fourteen cities including Chengdu and other eight capital cities and municipalities as well as five coastal port cities belong in the category of major city and six cities fit into the category of established resource-intensive city. For the rest of eighty-one cities, Brookings Institution has classified them into two categories according to the proportion of service and industry in the regional GDP. Specifically, twenty-four cities fall into the category of service-oriented city and fifty-seven cities industry-oriented city.
Analysis shows that, since 2000, these five categories of cities have varied from each other in the growth mode of employment and per capita GDP. Despite of the unshakable dominance of Beijing and Shanghai from the perspective of urban size, they have no longer been the major powerhouse for China’s economic growth, while the fourteen cities in the category of major city represented by Chengdu are emerging as new economic growth grounds. Most major cities are ideally located as regional traffic hub. With well-developed international airports, high-speed rail and seaports, they are able to better keep their industrial development and layout in perspective.
Take Chengdu as an example – its rapid rise is largely attributed to its fast-evolving development in infrastructure and key industrial fields. Apart from Chengdu Shuangliu International Airport, Chengdu Tianfu International Airport currently under construction will be a welcoming addition as Chengdu’s second airport. This new airport is slated to open to traffic in 2020. By then, Chengdu will join Beijing and Shanghai as the third city in China inland with two international airports. Moreover, originating at Chengdu, CHINA RAILWAY Express (Chengdu-Europe Express) has now established a transportation network covering 14 domestic cities and 16 foreign cities, making for a significant traffic hub connecting Asia and Europe. By virtue of great strides in aviation and railway, this inland city in Western China has got a march on its metropolitan competitors across the globe.
As to industrial structure, service and electronic information are coming to the fore as Chengdu’s pillar industry. According to latest data, in the first half of 2018, the value added of Chengdu’s service industry hit RMB 382.76 billion, representing a year-on-year increase of 9.5% and accounting for 55.7% of its GDP. Meanwhile, Chengdu’s electronic information industry is also shaping well as a bellwether in helping this city establish a presence in global economic map. As a host of Fortune Global 500 and industry-leading companies with international fame such as Intel, IBM and Global Foundries locates a branch in Chengdu, an entire industrial chain covering integrated circuit, new display, manufacturing of complete machines and software service has taken shape in its electronic information industry. According to schedule, by 2020, Chengdu’s electronic information is expected to achieve the distinction of being the first industry with the revenue from its core business exceeding RMB 1 trillion.
The report concluded that, judging from either urban size or urban scope, China is experiencing the unprecedented urbanization, which also ensures that its cities will play a role in developing and defining its growth mode in infrastructure, technology and economy that is based on China’s realities. Due to the important role of Chengdu and other metropolises in global economy, their constant change will exert a crucial impact on global economy, society and environment.
Contact Info:
Name: Lily LiuEmail: Lily_10201800@hotmail.com
Organization: Chengdu Municipal Government
Phone: +86 18608036660
This content is produced independently of Reuters Editorial News. For content inquiry, please contact reuters@vcnewsnetwork.com
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