An area in eastern China, comprising Shanghai, as well as Zhejiang, Jiangsu and Anhui provinces , will become a leading economic hub by 2020, according to the Chinese Academy of Social Sciences in a report published on May 9.

The academy's 2014 China Urban Competitiveness Report showed that the maximum travel time within the area will be cut to two hours, which will make it easier for regional development. The report said that the area will see closer communication and business links.

Shanghai, according to the report, will be at the center, estimating that the area will cover 40 cities by 2020. All deals, transactions and business in the region will be able to be completed within 24 hours due to convenient transportation and other related links, it added.

Ni Pengfei, a researcher at the Chinese Academy of Social Sciences, said the total population in this 340,000 square-kilometer area has already reached 200 million, while its GDP is set to continue to rise.