Shanghai is expected to rival Silicon Valley as a technology hub in the next four years, according to a report by KPMG.
Shanghai beat out New York, Tokyo, Beijing and London, respectively, to take the top spot in recognition of the city’s “growing base of digital media and entertainment companies" and “pleasurable lifestyle and favourable climate”.
Shenzhen, the Chinese city often referred to as China’s Silicon Valley which houses the headquarters of Tencent, Huawei and ZTE, ranked 13 on the list.
The KPMG 2017 Global Technology Innovation report surveyed more than 800 technology industry business leaders globally about technology innovation, leadership and market trends.
While the report found the US was the market with the most potential for disruptive technology breakthroughs - with 26% of the vote, China was hot on its heels with 25%. India ranked third, ahead of the UK and Korea, in fourth and fifth place respectively.
"As tech innovations go, China is stacking up to the United States as a leading force,” said the report.
“China continues to make rapid gains as the country moves from manufacturing to an innovation powerhouse led by its large mobile and digitally advanced consumer and enterprises base.”
The report cited the “visionary” work of Alibaba founder Jack Ma and highlighted the growing global presence of China’s technology companies including Baidu, Alibaba, and Tencent.