SHENZHEN has made it into the world’s top 15 innovative cities, according to a report recently released by global commercial real estate consultancy Jones Lang LaSalle (JLL).
Shenzhen ranked 13th out of the total 25 cities in the innovation ranking, while Beijing and Shanghai ranked eighth and 11th, respectively, according to JLL’s latest “Innovation Geographies” report, which highlighted Chinese cities’ strong performance in the global innovation scene.
Apart from the three Chinese cities, Tokyo, Seoul and Singapore were the only Asian cities included among the top 15 innovative cities in the report. Tokyo, Seoul and Singapore ranked second, sixth and 12th, respectively.
According to the report, cities that outperform others in innovation-oriented industries and talent availability are well positioned for economic growth in the coming years.
It also noted that China is ready to turbocharge sustainable growth globally with its cities improving their innovation capabilities.
JLL’s latest research has analyzed over 100 cities globally to identify the most advanced innovation ecosystems and talent hubs, which aims to provide a global comparison of the most attractive cities for people, businesses and capital.
Foreign direct investment in innovation-oriented industries, startup and venture capital attractiveness, R&D expenditure, and the number of innovation-driven international patents were all factors in the innovation index.
“With its resilient performance in the innovation scene, China is becoming one of the global innovation hubs,” said Julien Zhang, JLL China’s chief strategy officer.
Zhang pointed out that ever-changing economic and social environments also lead to the need for a more transparent real estate market, which encourages efficient, environmentally friendly and innovative space solutions.
The report suggested that investors favor cities with stronger innovation vitality and talent aggregation, since these places perform better in the long run. Cities with robust innovation ecosystems have been identified by many venture capital firms as future core growth areas.