More than 100 Chinese cities will be among the world’s top 600 in terms of economic performance by 2025, according to a report from management consulting firm McKinsey.
The report stated that currently 600 urban centres around the world generate 60% of global GDP. While the consultancy giant did not see the contribution to world GDP from these 600 cities changing a great deal in the next 15 years, it did say that the composition of these cities would change dramatically.
It said: “By 2025, one-third of these developed market cities will no longer make the top 600, and one out of every 20 cities in emerging markets is likely to see their rank drop out of the top 600. By 2025, 136 new cities are expected to enter the top 600, all of them from the developing world and overwhelmingly – 100 new cities – from China.”
Figures from greenfield investment monitor fDi Markets suggest this is an accurate prediction, with some of the strongest growth in investment projects coming from emerging and frontier market cities.