The New Global City Hypothesis: Theoretical Connotation and Characteristics

Based on the logic of how the connotation of globalization has changed in different stages, we review the development process of practices and theories about global cities, extract a more general theoretical framework for global cities, and then propose a hypothesis about new global cities in accordance with the theory and historical logic. From the theoretical and empirical perspectives, we analyze the formation and characteristics of new global cities, evaluate them from a new perspective, and come to the following conclusions: Information technology (IT) and finance are becoming the leading forces of economic globalization; the superposition of cities’ functions as an IT center and a financial center has become the core feature of the new global cities; and new global cities can be divided into four levels, among which New York, Beijing, London and San Jose are at the top level.