WorldWay Communication reports that the Chinese Academy of Social Sciences (Institute of Finance and Economics) and the United Nations Human Settlements Programme jointly released the "Global City Competitiveness Report 2017-2018: Housing Prices, Changing the Urban World" yesterday, revealing the top ten cities in the Global City Economic Competitiveness Index and the top ten cities in Global Sustainable Competitiveness!
New York ranks first, Dallas is in the top ten
According to the rankings, the top ten cities in the Global City Economic Competitiveness Index are: New York, Los Angeles, Singapore, London, San Francisco, Shenzhen, Tokyo, San Jose, Munich, and Dallas.
From a national perspective, the United States shows a clear advantage in global city economic competitiveness, while China is rising rapidly. American cities have a significant overall advantage, with a balanced level of development, holding 5 seats in the top ten, 9 in the top twenty, and 36 in the top 100.
The top ten cities in the 2016 Global Sustainable Competitiveness Index are New York, London, Tokyo, Boston, Singapore, Zurich, Seoul, Houston, Paris, and Chicago. Among the top ten, cities from Europe, America, and Asia are in a three-way balance; in the top 100 cities for global urban sustainable competitiveness, European and North American cities hold an absolute numerical advantage.
From the perspective of urban clusters, the central cities in the urban clusters of the United States, Germany, and the United Kingdom have a high proportion of cities entering the top 100 for sustainable competitiveness.
Three lines delineate the differentiated agglomeration of global urban populations and economies
Urban agglomeration is the primary characteristic of cities, and global urban agglomeration is a comprehensive reflection of the differences and changes in today's global economic space.
In terms of population agglomeration: First, metropolitan areas are experiencing faster population growth, with stronger coastal agglomeration; second, the population scale of global high-tier cities continues to grow, while lower-tier cities are diversifying.
In terms of economic agglomeration: The new global economic agglomeration shows a dual crescent-shaped distribution and a distribution along three longitudinal lines.
Cities with the highest economic density and income levels are concentrated in North America and the Eurasian region, forming a new crescent-shaped agglomeration area with one small and one large.
The three longitudinal lines indicate that cities with higher economic density are primarily distributed along the 20 degrees latitude of Tokyo, the 100 degrees west longitude, and the 110 degrees east longitude, showing a cliff-like distribution.
A new type of global city is emerging
A new type of global city is emerging, with evidence including: First, technology and finance are dominating the global economy, occupying a major part of the global value chain.
Second, in terms of global corporate influence, the impact of information technology companies is becoming increasingly significant.
Finally, the status of technology-centered cities in the global urban system is continuously rising; cities with higher technology innovation indices also have higher per capita GDP, and correspondingly, stronger sustainable competitiveness and economic competitiveness.
Both excessively high and low housing prices are detrimental to urban competitiveness
This report focuses on the global real estate market overview and explores the impact of housing prices on urban competitiveness from an empirical research perspective.
The report suggests that high housing price areas in global cities are represented by the "three points and four belts" around the ocean, meaning that high housing price areas are concentrated in North America, Western Europe, and East Asia, extending at 120 degrees west, 80 degrees west, 20 degrees east, and 110 degrees east.
Urban clusters near national borders have merged into large transnational urban clusters, with high housing price areas exerting a suppressive effect on cities that are farther away, showing a migration effect.
It is noteworthy that the report has discovered the Matthew effect present in urban housing prices. In other words, when urban real estate markets experience differentiation, the degree of differentiation usually continues to expand. As a long-term result of the Matthew effect, global urban real estate shows a strong trend of polarization.
Overall, cities with high housing prices in developing economies exhibit a higher real estate bubble, while cities with high housing prices in developed economies have a relatively smaller real estate bubble.
Regarding the impact of housing prices on urban competitiveness, the report points out that the relative housing prices of cities show an inverted "U"-shaped trend in relation to their competitiveness, with both excessively high and low housing prices being detrimental to the enhancement of urban competitiveness.
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