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Experts foresee that Shanghai’s greater role in the nation’s growth and its focus on innovation will transform it into a dynamic global hub capable of attracting more foreign talent and companies
Shanghai will become an even more attractive place for expatriates and foreign companies in 2035 when it is slated to become the core city of the Yangtze River Delta city cluster as well as a global hub for multiple industries, according to experts.
"This inspiring ambition will certainly make the city more appealing to expats," said Tian Guoqiang, dean of the School of Economics at Shanghai University of Finance and Economics. "Come 2035, Shanghai will be a city boasting excellent public services and a living environment where people of all ages can enjoy a healthy and high quality life."
As the city is also poised to become a global hub for technological innovation, trade, shipping, finance and economy, Shanghai will be home to an abundance of job opportunities, added Tian.
"I would recommend everybody to try working in Shanghai at least once and this city would be at the top of my list," said James Macdonald, head of China research at Savills. "It is one of the most international cities in China, and a great bridge between cultures."
Macdonald has lived in Shanghai since 2002. He said that he plans to continue living in the city until his retirement, which would be around 2035.
"For the younger expats, Shanghai offers a 24-hour lifestyle that is hard to replicate in other countries. There are amazing career opportunities for those that have the drive," he added.
"The speed of the city has accelerated, probably due to the technological advancements of BAT (Baidu, Alibaba and Tencent) and all of the creative industries and start-ups that are emerging. Having lived here for 15 years I sometimes feel like it is hard to keep up with all the changes and that I know less and less about the city that I call home."
The blueprint to turn Shanghai into a global city and modern cosmopolis by 2035 was revealed earlier in January by the local government. The plan includes having the city play a bigger role in the Belt and Road Initiative and the Yangtze River Economic Belt.
The city posted the nation"s largest GDP of 3.01 trillion yuan ($475 billion) in 2017, up 6.9 percent from a year ago. This was also the first time a Chinese city"s GDP crossed the 3 trillion yuan mark. According to the master plan, as much as 5.5 percent of the city"s GDP will be spent on research and development by 2035, underlining the focus on innovation.
"For someone who is motivated and willing to work hard, Shanghai will provide more opportunities than pretty much anywhere else on Earth," said Ben Cavender, principal of China Market Research Group.
Cavender pointed out that Shanghai"s significant investments into infrastructure over the past few years has bore fruit, with a greater number of domestic and international companies choosing the city as its base of operations. He added that the city can do more to help small businesses grow and thrive.
"Right now, the process of navigating through the various laws and bureaucracy can still be extremely expensive and confusing for small companies that do not have the resources of large multinationals. It"s getting better but there is still a long way to go," he said.
Wang Zhen, vice-president of the Shanghai Academy of Social Sciences, said that the city can become even more dynamic if it encourages all types of innovation and adopts a more tolerant attitude to failure. He noted that Shanghai also has to work on attracting a greater number of talents from around the world and close the gap with global cities like New York, London and Tokyo in areas such as transportation convenience and livability.
To ensure that the city develops in a sustainable and environmentally friendly manner, the master plan stipulated that the population of permanent residents will be capped at 25 million by 2035, while overall construction land will be limited to 3,200 square kilometers.
Peng Xizhe, a Fudan University professor and senior expert who specializes in population, said that authorities should foster greater connectivity between Shanghai and its neighboring cities in order to achieve this.
"With the help of high speed transportation systems such as the high speed railway, senior citizens from Shanghai can choose to retire in neighboring cities that have a lower cost of living and slower pace of life. On the other hand, young people from nearby cities can also easily travel to Shanghai for work," he added.
According to the master plan, new towns with a population of more than 100,000 would have access to metro stations, and average commuting time in central Shanghai would be reduced to less than 40 minutes. Shanghai Mayor Ying Yong has mentioned before that the city"s urban rail network would be extended to 1,000 kilometers by 2040.