Although it has reemerged as China 's economic powerhouse, Shanghai still has many drawbacks compared with New York, London, Paris, and other widely-acknowledged world cities, said Zhang Shengman, vice president of the World Bank (WB), on the Shanghai Forum held Monday.

Having already become China's economic engine after its efforts in the past two decades, Shanghai is undoubtedly eager to step into the world city parade, and the municipality has already made certain arrangements for the goal in its tenth five-year plan.

Shanghai got an "A plus" among the 23 Chinese cities in a recent survey on investment environments by the World Bank. More than 300 of the world's top 500 enterprises have made investments in Shanghai.

Another the survey shows that Shanghai is at the 13th position in World City ranking list, a similar position to that of Rome, but still lagging behind cities like San Francisco.

Shanghai has gained its position in the world due to the policies of the central government, historical and geographic elements, noted Zhang, adding that Shanghai still needs to try its best to create a grand market, world-class service sectors and nurture the culture of innovation.

Despite unique features possessed by different world cities, at least three characteristics are being shared by world cities, which include deep influence as economic hubs on neighboring cities, highly-concentrated service sectors, and enhanced governance to ensure an enabling environment.

Zhang stressed that the world city should have its own soul and allure talent, provide high-quality life for them, and keep up self-improvement.

He suggests that Shanghai, a city with 30 percent of its GDP from the manufacturing industry, cannot rely only on industrial development, but needs more information and knowledge instilled, talent from around the world and also to leave more room for developing culture and maintaining tradition.

Zhang held that Shanghai's potential to become a world city is closely linked to the rise of the Yangtze River Delta economic zone. "If a smoothly-run rail system can be set up, a huge market with 600 million population will emerge in the Yangtze River Delta region," said Zhang, adding that with a 65 percent urbanization degree, Shanghai is helping its neighboring cities' development, and thus is spurring the development of the whole region.

Cautious but still optimistic, Zhang said that if China's economy can maintain speedy growth, and Shanghai can gain an open and creative spirit in its competitiveness, Shanghai will surely become China's first world city.

Source: Xinhua