Shanghai passed Hong Kong to become the most competitive city in China

shanghai the most competitive city in china

Top 10 Most Competitive Cities in China in 2013

Rank City Score
1. Shanghai 16163.08
2. Hong Kong 16099.8
3. Beijing 15813.05
4. Shenzhen 9115.16
5. Guangzhou 9024.81
6. Tianjin 7048.11
7. Hangzhou 6747.29
8. Suzhou 6426.11
9. Taibei 5801.88
10. Chongqing 5724.68

According to Xinhua News Agency, China City Competitiveness Research Council released a report in Hong Kong on 10th December which shows that driven by the establishment of the first national trial free trade zone Shanghai has surpassed Hong Kong and become China’s most competitive city in term of comprehensive competitiveness after considering various factors. But still Hong Kong as the Asia-Pacific region’s major international financial, trade, shipping, tourism and information center, it obtains the highest score in term of asset quality and safety.

Shanghai is the largest city by population in China and the largest city proper by population in the world. It is one of the four direct-controlled municipalities of China, with a total population of over 23.8 million as of 2012. It is a global financial center, and a transport hub with the world’s busiest container port.

According to Shanghai Daily, the Chinese government in September this year unveiled a detailed plan for the pilot free trade zone which will allow free yuan convertibility under the capital account, interest rates liberalization and cross-border use of yuan in its first free trade zone on a trial basis as long as the risk is controlled. The FTZ will allow the market to decide prices of financial institutions’ assets, a process known as the securitization of those assets, as policy-makers hope to catalyze further reforms through such an experiment. Editorial Comments: With  the highly anticipated economic growth of Shanghai and other major cities such as Beijing and Guangzhou, and very limited space for further development in Hong Kong, there is no surprise that Hong Kong’s rank in term of competitiveness will be passed by other domestic cities in the future.

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