Guangzhou, Shenzhen, Beijing rated top three in CBD development

Three of China's big cities -- Guangzhou, Shenzhen and Beijing -- have taken the top three spots in the country's Central Business District (CBD) development in terms of economic scale and GDP contribution, according to a report on the development of CBD released on Wednesday.

The report was released by Institute for Urban and Environmental Studies at Chinese Academy of Social Sciences and Social Science Academic Press.

Data of over 20 cities' CBD areas were analyzed in five areas - economy, industry, smartness, innovation and openness - and found that these areas had attracted many large knowledge-intensive and innovative international companies with strong capital control ability over the past 30 years.

All the top three cities' CBD areas made over 100 billion yuan ($15.28 billion) GDP contributions in 2015, according to the latest statistics available, said Shan Jingjing, an analyst with the institute.

Guangzhou Tianhe CBD, with 242.70 billion yuan in GDP, dethroned Shenzhen Futian CBD with 122.70 billion yuan more GDP contribution, followed by Beijing CBD with 111 billion yuan GDP in 2015, according to Shan.

In terms of tax payment, Shenzhen Futian CBD ranked first, followed by Beijing and Guangzhou Tianhe CBD areas, the report said.

"Innovation is a major driving force for the development of China's CBD areas and internet, big data and mobile internet have stimulated emergence of new service industries such as fintech. The industrial integration has been intensified in the past years," Shan said.

Shan and her team found that although bike-sharing is very popular in China, many international companies have started strategic planning in automobile-sharing in some CBD areas in China.

CBD area is the center of a city's economic development and reflects the vitality of economic development in a region and the whole country. Most of international financial institutions and large international companies' headquarters are located in CBD areas. Development of Chinese cities' CBD areas will have a great impact on the country's economic development, Shan said.