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Shanghai tipped for massive GDP growth

SHANGHAI is predicted to record the strongest economic growth among the world's top 30 cities by 2025, an industry report said today.

The city is forecast to rise from 25th to 9th place in global city rankings in terms of gross domestic product from 2008 to 2025, PricewaterhouseCoopers LLP said today in a research report.

Shanghai's economy is projected to top US$692 billion in terms of purchasing power parity by then, the accounting firm said.

Purchasing power parity calculations eliminate the differences in foreign exchange and price levels between countries.

"Global economic activity is concentrated in the world's largest cities," said John Hawksworth, head of macroeconomics at PricewaterhouseCoopers. "Looking ahead to 2025, the study sees the rise of the emerging economy cities continuing."

He said the comparison is stark between the top emerging and the top advanced economy cities in terms of growth momentum.

Between 2008 and 2025, cities such as Shanghai, Beijing and Mumbai are projected to grow at around six percent to seven percent each year in real terms, whereas cities such as New York, Tokyo, Chicago and London will grow by about two percent a year on average.

Shanghai aims to build itself into a world-class financial, shipping and trade hub. The State Council, China's cabinet, has also issued guidelines to support Shanghai's rise as a world financial center.

Shanghai has jumped into the tier of the top 30 cities with its strong growth between 2005 and 2008, the accounting firm said.

In the 2008 list, Beijing ranked 38th while the southern China city Guangzhou ranked 44th.


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