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Shanghai rising in a globalizing world

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  • Yusuf, Shahid
  • Weiping Wu

Abstract

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 Asian city most likely to become a global center. The authors 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.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2617.

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Date of creation: 30 Jun 2001
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Handle: RePEc:wbk:wbrwps:2617

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Keywords: Decentralization; Banks&Banking Reform; Municipal Financial Management; Payment Systems&Infrastructure; Environmental Economics&Policies; Environmental Economics&Policies; ICT Policy and Strategies; Public Sector Economics&Finance; Banks&Banking Reform; Municipal Financial Management;

References

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  1. Richard N. Cooper, 1999. "Should Capital Controls be Banished?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 89-142.
  2. Sebastian Edwards, 1999. "How Effective are Capital Controls?," NBER Working Papers 7413, National Bureau of Economic Research, Inc.
  3. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
  4. Yue-Man Yeung, 1999. "Bargaining with Transnational Corporations: The Case of Shanghai," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 23(3), pages 513-533, 09.
  5. Bloom, David E & Williamson, Jeffrey G, 1998. "Demographic Transitions and Economic Miracles in Emerging Asia," World Bank Economic Review, World Bank Group, vol. 12(3), pages 419-55, September.
  6. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
  7. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  8. Sachs, Jeffrey D & Warner, Andrew M, 1997. "Fundamental," American Economic Review, American Economic Association, vol. 87(2), pages 184-88, May.
  9. Anne Haila, 1999. "Why is Shanghai Building a Giant Speculative Property Bubble?," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 23(3), pages 583-588, 09.
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Cited by:
  1. Richard M. Bird, 2004. "Getting it Right: Financing Urban Development in China," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0435, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.

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