Shanghai has been ranked China’s most competitive city this year, taking over Hong Kong’s 11-year-long reign at number one due in part to the establishment of its pilot free trade zone, according to the China Institute of City Competitiveness.
The rankings measured cities’ competitiveness based on economic stability, social stability, and environmental and cultural conditions. Shanghai topped the list this year with a score of 16,163.08, followed by Hong Kong with a score of 16,099.80. Beijing, Shenzhen and Guangzhou took the next few spots on the list.
Gui Qiangfang, president of the institute, cited the city’s recently established free trade zone as part of the reason for Shanghai’s bump up on the list, according to the Shanghai Daily.
“The establishment of the first state-level free trade zone in Shanghai is a powerful driver to enhance the city’s competitiveness,” Gui said in the report. “Considering Hong Kong’s limited potential for further economic growth, more cities in the Chinese mainland will exceed Hong Kong in this list in the future.”
Last year, Hong Kong, Shanghai and Beijing were ranked among the world’s top cities for the super rich, with Hong Kong coming in at number three followed by Shanghai and Beijing ranking 8th and 9th. Both Beijing and Shanghai, however, were the fastest growing in importance for global high-net-worth individuals (HNWIs), and are expected to rise up to 4th and 3rd places respectively within the next decade, pushing Hong Kong further down.
A recent survey released by SCMP also revealed that people from Hong Kong are considerably less happy than people from the mainland, with many residents naming stress, overwork and being underpaid as reasons for their unhappiness.
[Image credit: Freddie Boy]