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An undated design sketch of H700 Shenzhen Tower. [Photo from Shenzhen's Luohu urban renewal planning website]

Move aside Shanghai Tower, there's a new big boy in the town. Shenzhen, China's southern city neighboring Hong Kong, has announced a plan to build a skyscraper as high as 739 meters on the old site of Huanyu Tower in the newly designed Caiwuwei central financial district.

If the plan goes through it means the new skyscraper over overtake 632-meter-tall Shanghai Tower to become the tallest building in China and the second-tallest in the world, according to the website of Luohu district of Shenzhen on Aug 9.

With 74 percent of banking institutions, 80 percent insurance companies, 40 percent securities institutions as well as 90 percent foreign banks of the city located in Caiwuwei, it’s the Wall Street of Shenzhen.

The planned skyscraper will have 169 floors and called H700 Shenzhen Tower, according its builder's proposal.

China has several skyscrapers in the pipeline. According to a list of top 10 skyscrapers to be completed this year reviewed by the Council on Tall Buildings and Urban Habitat of the US, six will rise in China. The tallest of them, Ping An Finance Center with height of 599 meters, is also in Shenzhen.