One of the earliest civilizations and the world’s most populous country, China is among the fastest growing economies in the world. As of 2016, China ranked second in terms of nominal GDP and has the largest by Purchasing Power Parity (PPP). Many of the country’s cities have emerged as major business hubs comprising the headquarters of several leading multinational corporations. Forbes magazine has listed 100 cities in its 2018 Forbes China Best Cities for Business. While some cities have climbed the ladder, others have plummeted. Here we bring you the top 10 cities in China for business.
Beijing has climbed two places to reach the top spot, having been at the third spot in the 2017 Forbes list. The capital of China, Beijing is a significant city as it is home to a number of Fortune Global 500 companies as well as the prominent state-owned companies of China. Dubbed as the Billionaire Capital of the World, Beijing has a highly-developed infrastructure, including the Beijing Capital International Airport and subway network, which is the second longest in the world.
Shanghai, which ranked number one in the 2017 list, has slipped to second place this year. The city’s impressive infrastructure and it being home to some of the biggest companies of the world along with highly successful entrepreneurs is what makes Shanghai one of the best cities for business. Some of the multinational companies that have a presence in the city include GE, Citibank and FedEx. Also located here is the reputed Shanghai Stock Exchange.
Guangzhou has ranked third in the 2018 list, dropping one place. Ranked as an Alpha Global City, it is among the most expensive real estate markets in the country. Forbes magazine has ranked Guangzhou as the best commercial city located on the Chinese mainland for three consecutive years – 2013 to 2015.
Standing at the fourth spot in the 2018 list, Chongqing is a prominent city and is among the biggest transportation hub and manufacturing centers of the country. It is the largest center for motorcycle production and the third largest for motor vehicle production in the country. The city has invested significantly to boost its infrastructure. These developments, along with a business-friendly environment, have led to many international companies setting up offices in the city. Some reputed foreign companies that have a presence in Chongqing are Citibank, Carrefour, Mazda, Ford, Walmart, etc., In the 2017 list, Chongqing was placed at the seventh spot, so it is a steep rise for the city.
Nanjing, which ranked fourth in the 2017 list, has fallen to the fifth place in 2018. Service industry is a significant contributor and accounts for around 60 percent of Nanjing’s GDP. The city is also popular among multinational companies, with firms such as Sharp, Volkswagen, IBM, and Samsung having established their R&D centers or lines in the city.
Standing at the sixth place is Chengdu, the capital of Sichuan province. Apart from the branches of 260 Fortune 500 companies, Chengdu is also home to Chengdu Shuangliu International Airport, which is among the world’s 30 busiest airports. Also located here is the Chengdu Railway Station, which is listed among the sixth largest in China. From the 12th spot in the 2017 list, to the 6th spot in 2018, Chengdu has come a long way.
At the seventh spot is Wuhan. Sometimes referred to as the Chicago of China, Wuhan is culturally, financially, politically, and economically a very significant city. It is also a great transportation and educationally center for central China. The city has strong connections with Chi as it receives French investment, which is much more than any other city in the country. The municipal government has taken steps to attract foreign investment by providing tax incentives, subsidies and discounted loan interest rates. Some of the major industries in the city are biology engineering, automobile manufacturing, iron and steel manufacturing etc.
At the eighth spot is Suzhou, which is often also referred to as the Venice of the East. The city has retained its spot at the eighth place. It is home to a number of development zones such as Suzhou Industrial Park, Suzhou Industrial Park Export Processing Zone, and Suzhou New District. Around 67 projects have been established by around 40 Fortune 500 companies in Suzhou New District.
Located in Guangdong province, Shenzhen is a wonderful tourist destination as well among the top 10 cities for business in China. Lonely Planet has ranked the city at the second place on the list of top 10 cities to visit in 2019. It is also referred to as the next Silicon Valley given that it is among the leading technology hubs of the world. Some of the leading companies that have their headquarters here are Shenzhen Airlines, Ping An Insurance, ZTE, Huawei, and China Merchants Bank.
A prominent city, around 19 Fortune 500 companies have their presence in the city. Some of these are. Panasonic, Coca-Cola, Mitsubishi, Boeing, Toshiba, etc. The important industries present in the city are tourism, equipment manufacturing and service outsourcing. The city, which was placed at the 11th spot in the 2017, has climbed to the 10th spot in the 2018 list.
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