Financial Cooperation, Diversified Development and City Cluster Construction

Shusong Ba () and Zhifeng Wang ()
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Shusong Ba: China Banking Association
Zhifeng Wang: ESG and Sustainable Finance Committee of China Economic System Reform Research Association

Chapter Chapter 1 in Financial Innovation and Paths of Cooperation of City Clusters, 2025, pp 3-15 from Springer

Abstract: Abstract In 2018, 55% of the world’s population lived in cities, while this figure was only 30% in 1950. According to the forecast of the United Nations, the global urbanization rate will rise to 68% in 2050. As spatial concentration of factors and economic activities become a phenomenon, cities and city clusters have generally developed into growth poles and innovation centers of industrialized countries. From the perspective of economic theory, the driving factors for the formation of city clusters can be summarized as: a. economies of scale and cost considerations; b. specialized division of labor and synergy effects; c. knowledge flow and spillover effects. In particular, the spatial clustering of knowledge makes city clusters a source of innovation and creativity within an economy.

Date: 2025
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DOI: 10.1007/978-981-96-7198-4_1

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