Wednesday, 25 March 2015

Shenzhen Guangzhou And Nanjing Are The "Cities of Opportunity" In China

Shenzhen ranks as the top regional Chinese city according to a new joint report released by PwC China and the China Development Research Foundation (CDRF), followed by Guangzhou and Nanjing.

The Chinese "Cities of Opportunity 2015" report measures the development status and overall strength of tier one and tier two Chinese cities based on a number of factors such as technology readiness, economic influence, ease of doing business and sustainable development and environment.

Shenzhen ranks in first place due to top scores on technology readiness, economic clout, ease of doing business, sustainability and natural environment and its importance as a regional city. Guangzhou tops the list for intellectual capital and innovation, and is joint top with Harbin for culture and local lifestyle. Nanjing ranks in the top five cities for intellectual capital and innovation, technology readiness, traffic and city planning and cost.

"Shenzhen, Guangzhou and Nanjing are truly 'Cities of Opportunity' in China. They are filled with opportunities and have laid a solid foundation in innovation, technology and sustainable development to achieve long-term growth in the ‘new normal’ economy,” says David Wu, PwC China Public Policy and Regulatory Affairs Leader.

“However to strike the right balance between economic development and cost as a city grows is something that Chinese cities must address to promote further development. Shenzhen and Guangzhou had the lowest scores in the 'Cost' indicator, while Nanjing provides a good reference for solving this issue with its excellent performance in 'Cost'.”

The study found that China faces challenges fostering balanced and coordinated development across regions. Cities in the Pearl River Delta and Yangtze River Delta generally rank higher than cities in the northeastern and western interior provinces.

In addition, although Nanning, the Chinese city with the closest cultural and economic ties with ASEAN countries, Urumqi and Lanzhou enjoy great development potential as strategically important cities in implementing the "One Belt, One Road" policy, they had relatively lower rankings.

"The Chinese government has already drawn up a series of policies to promote coordinated economic development across regions. The implementation of strategies like 'Going West', 'Revitalising Northeast China' and 'One Belt, One Road' shows its determination and provides development opportunities for cities in these regions,” says Wu.

“China’s urbanization is not only shaping its future, but also has a profound impact on global development patterns. China’s economy has started its shift to a ‘new normal’ state. Including the word ‘opportunity’ in the title of this series of studies is not only a recognition of the “new normal’s” great challenges and uncertainties, but also an acknowledgement of the key opportunities and potential arising from deep economic and social transformation,” says Lu Mai, Secretary General of the China Development Research Foundation.

“The ‘new normal’ economic state provides new guidelines to China’s urbanisation. Through cooperation with the China Development Research Foundation, we hope we can provide valuable insight for governance and development,” says Frank Lyn, PwC Mainland China and Hong Kong Markets Leader.

The top five cities for each of the 10 indicators in the ‘Cities of Opportunity 2015’ report are as follows :

1. Intellectual Capital and Innovation – Guangzhou, Nanjing, Hangzhou, Wuhan, Shenzhen

2. Important Cities – Shenzhen, Guangzhou, Chengdu, Chongqing, Wuhan

3. Technology Readiness – Shenzhen, Hangzhou/Guangzhou, Nanjing, Xiamen

4. Healthcare, Safety and Public Security – Wuhan, Chengdu, Hangzhou/Guangzhou*, Nanjing

5. Traffic and City Planning – Shenyang, Xi'an, Guangzhou, Shenzhen, Nanjing

6. Sustainable Development and the Environment – Shenzhen, Qingdao, Guangzhou/Nanjing*, Xiamen

7. Culture and Local Lifestyle – Guangzhou/Harbin*, Lanzhou, Shenzhen, Changchun

8. Economic Influence – Shenzhen, Guangzhou, Tianjin, Wuhan, Hangzhou

9. Ease of Doing Business – Shenzhen, Guangzhou, Hangzhou, Tianjin/Qingdao

10. Cost – Shenyang, Urumqi, Nanjing, Changchun, Qingdao

Source - CFO Innovation Asia 

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