China Watch Blog has learnt that Shenzhen’s GDP will rank 11th in the world in 2025, according to a research report by McKinsey & Company, a global management consultancy.
In addition to GDP, the report also predicts the top 25 cities in the world for 2025 in another six categories: per capita GDP, GDP growth rate, population, child population, household number and the number of households with a yearly income of over US$20,000.
The company released the report, “The City 600,” at the International Conference on Urban Development and Innovation, which concluded in Shenzhen on Friday, according to GZNews.com.
Shenzhen ranks sixth in terms of GDP growth rate and 21st in terms of the number of households with a yearly income of over US$20,000. Shenzhen is not in the top 25 in per capita GDP or child population.
Jonathan Woetzel, a Shanghai-based director with McKinsey & Company, said the per capita GDP is often high in comparatively small cities such as Macao and Doha. Meanwhile, the child population is to some degree decided by a government’s policy on population control.
However, Woetzel said Shenzhen, along with many other Chinese cities, has the potential to become a global metropolis by 2025.
“It is a major challenge for China to raise its efficiency and per capita GDP. We hope Shenzhen can achieve it,” said Woetzel.
Woetzel added that urbanization is the biggest factor in the global economic growth and the development of China’s cities has a large impact on the global economy.
In terms of GDP in 2025, New York and Tokyo come in the first two places, which are followed by Shanghai and London.
There will be more than 100 Chinese cities in the top 600, according to the report. By 2025, the top 600 cities in the world will contribute to more than 60 percent of the global GDP.
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