The cost of living in Shanghai has surged , catching up with and even surpassing its global peers . To combat surging property prices , the government has implemented a series of countermeasures , including a 70 % down payment requirement of second homes . For the masses , owning a property in Shanghai has become an impossible dream .
The fifth Plenary Session of the 18th CPC Central Committee in 2015 put forward five development ideas of innovation , coordination , green development , opening-up and sharing . Sustainable growth , not at the expense of the environment , is the goal . Accordingly , Pudong will pursue an innovation-driven , more balanced and green economy . Innovation quality and efficiency will replace investment speed and scale . The community will also play a more active role in the process . Naturally , slower growth will be inevitable .
With Shanghai currently operating at its peak , what could be expected in the future ? Although Shanghai is a key player in China ’ s economy , it is important to remember that it is not the only player . At present , Shanghai faces competition all around , from not only China but also the rest of Asia . As a result of rising costs in Shanghai , some businesses may opt to move their non-mission critical functions to other lower-cost cities . Shenzhen , for example , is a formidable competitor . The recent linkage between the Shenzhen and Hong Kong Stock Exchanges will give companies , especially those in the tech sector , an incentive to list on the Shenzhen Exchange over the Shanghai Exchange . Afterall , Shenzhen is slowly becoming the Silicon Valley of China . More entrepreneurs may choose to build their business in Shenzhen to be closer to the technology hub . The Port of Yantian in Shenzhen is currently the third largest container port in the world by volume , just two places behind Shanghai . Korea is building a reputation as an up-and-coming fashion capital , rivaling the progress Shanghai has made . The US $ 8 billion Qingdao Studio of tycoon Wang Jianlin promises to take the spotlight away from Shanghai . The recent One Belt , One Road initiative of the central government will begin to redirect attention and resources from the coastal region towards the inland and the west as Deng Xiaoping had intended when China began its economic reforms .
So how will Shanghai maintain its leading position in China as more versions of Shanghai show up on China ’ s map ? The rise and fall of cities throughout the history of human civilisation may suggest that there is no guaranteed formula for success . It will be up to the next generation of leaders to develop the vision and strategy necessary to take Shanghai to the next level . They will have to tackle urbanisation of a magnitude never seen before . They will have to seek out growth opportunities most suitable for the megacity . They will have to balance the growth with the preservation of the environment . Most of all , they will have to ensure that all citizens , rich or poor , reap the benefits of prosperity . Perhaps , instead of rivalling the up-and-coming cities around China , Shanghai should cooperate with these cities so that Shanghai may continue to grow with its glorious past and build a stable future with the rest of China .
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Reference
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