Smaller Chinese cities now have higher growth potential than Beijing and Shanghai, according to the Economist Intelligence Unit
China’s most dynamic local economies are no longer metropolises like Beijing and Shanghai, but lesser-known cities including Hangzhou and Hefei, according to a new report by the Economist Intelligence Unit.
The findings reflect a growing shift in China’s economic landscape, as smaller cities emerge as a main engine of growth due to their strength in advanced manufacturing, clean energy and other emerging sectors.
Shenzhen, often dubbed China’s Silicon Valley, placed fifth, while Beijing, Guangzhou and Shanghai all failed to make the top 10.
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