Home Financial News Companies Headlines Chinese



Three clusters of megacities lead Chinese economy forward

Three megacity clusters in the Yangtze River Delta, Pearl River Delta and Bohai Sea rim area are currently leading China toward the "megacity era", according to the "Report on Chinese Cities' Comprehensive Competitiveness" issued recently.

The International Institute for Urban Development released the report during the recent 2008 China City Forum Summit in Beijing.

China's urbanization rate grew by 27 percentage points over the past 30 years, from 17.9% in 1978 to 30% in 1998 and then to 44.9% in 2007.

In the 21st century, the major driving force of economic development comes from city clusters, especially clusters of megacities. Region-based international competition, led by city clusters, will become not only a focus, but also a more common trend.

In 2007, the three major economic circles in the Yangtze River Delta, Pearl River Delta and Bohai Sea rim area of Beijing, Tianjin and Hebei accounted for 25.5% of the nation's total population. They contributed 46.5% of the national GDP, 49.9% of industrial production, 51.3% of service sector production and 77.9% of exports. They also utilized 93.7% of foreign capital and 57.5% of research and development investments in science and technology.

The three megacity clusters play an important role in China's socio-economy, and their GDP contribution rate is expected to surpass 70% in the future. (People’s Daily)