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| Of all the Chinese cities, Chengdu is considered to have a booming economy |
It's interesting to discover Chengdu is considered to have the most successful economy in China, according to a US-based think tank, considering such factors as job growth, foreign investment and high value-added industries.
Shanghai and Tianjin were second and third respectively, while the Chinese capital was 13th in the
Milken Institute study.
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| Shanghai is in second place in the Milken Institute study |
Chengdu, the capital of Sichuan province was praised for its "human capital, central government support, established industries in high-end aerospace and aircraft design, and a more recently developed electronics manufacturing sector".
The study said mainland cities were developing in two ways: For Shanghai and Tianjin it is about urbanization, industrial clustering and infrastructure investment bolstering larger regional economies.
The other way, due to the slowdown in economic growth, was the focus on technology, private investment and consumption.
This is the first time the institute has ranked mainland cities, assessing 266 at the prefecture level and above, and divided them into two categories -- 34 first and second-tier cities, and the rest as third-tier cities.
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| Tianjin comes in third with lots of potential for growth |
The study didn't just look at economic growth, but also job and wage growth, gross regional production, foreign direct investment and the strength of high value-added industries.
Chengdu may have done well in the study due to having several respected universities and has lower labour costs.
Interestingly Shenzhen just made number 10 on the list, and seven of the top 10 third-tier cities were in Jiangsu province, which has a strong transportation network of airports, highways and high-speed rail links.
The top 10 cities are:
1. Chengdu
2. Shanghai
3. Tianjin
4. Dalian
5. Nanjing
6. Hefei
7. Xiamen
8. Changchun
9. Chongqing
10. Shenzhen
There should be lots of information to be gleaned from this study and potential investors and entrepreneurs should take note.
