Growth of Asian Cities - Essay Example

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Running Head: Growth of Asian Cities Growth of Asian Cities Growth of Asian Cities Introduction Asia, the largest continent in terms of area, population and GDP (PPP), is home to over 4 billion people of the world. The 48 countries which are a part of Asia consist of hundreds of cities, some of which are amongst the most advanced, highly populated, dense, economically progressive and powerful cities in the world (Roy & Ong…
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Download file to see previous pages For the same purpose, the paper will use examples of Mumbai, Seoul, Hong Kong, Tokyo and Singapore as the big Asian cities. Mumbai With a population of over 20 million, Mumbai is the most populous city of India and the fourth largest city in the world in terms of population. The fact that Mumbai lies on the coast and has a deep natural harbour makes it the hub of trade, thus, allowing the city to account for over 70 percent of maritime trade in India (Huang & Bocchi, 2009, p. 52). Currently, Mumbai is classified as an alpha city, global city or world centre, which refers to the fact that the city plays an important role in the global economic city network. More importantly, the city contributes almost 6 percent to the overall GDP of India (Ni, 2012, pp. 347-349). Even during the colonial period, European traders and colonisers paid immense attention to the development and growth of this sea port which was situated at a strategic location, allowing the shortest route for trade to Europe and other parts of the world. Considering the same, many industries, especially textile industries, started establishing in the city and since the independence of India; it has became an industrial hub generating almost 25 percent of the total industrial output (Robinson & Zahorchak, 2009, pp. 288-289). However, since the 1980s, the city has also diversified as the primary financial centre of India, with the presence of Reserve Bank of India, Bombay Stock Exchange, Securities and Exchange Board of India, National Stock Exchange of India and others (Wong & Rigg, 2011, p. 92). During the early 1990s, when India started its transition towards an open and free market economy from a centrally planned socialist economy, quite understandably, following the example of all developed economies, India felt the need to develop its financial system in order to ensure reallocation of the vast capital in the Indian economy to the newly privatised businesses and foreign direct investment (Yusuf & Nabeshima, 2006, p. 460; Wong & Rigg, 2011, p. 92). Mumbai, for obvious reasons, started growing as the financial capital of the country as well. Several large Indian and multinational companies also started setting up their headquarters in this quickly growing metropolitan city. These included the largest corporations in India, such as Tata Group, Reliance Group, Aditya Birla Group, Hindustan Petroleum, ICICI Bank and others. Mumbai’s economic importance and growth was also amplified with the fact that during the early 1970s, it became the home to Indian film industry, Bollywood. Today, large number of TV shows, drama films and other movies are produced and filmed in Mumbai, thus, making it the entertainment capital of India as well (McKinnon, 2011, pp. 105-106). Tokyo The history of Tokyo, as a modern city goes back to more than 400 years, when it was named as Edo. Throughout the history, Tokyo had always remained a symbol of modernisation and development as it was amongst the first cities in Japan to create modern infrastructure, clothing styles, railways, airports and so on (Wong & Rigg, 2011, p. 92). During the Second World War, the city was the focal point of heavy bombing which destroyed almost the entire infrastructure and people had to start from scratch ...Download file to see next pagesRead More
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