![]() Last year, Hefei was selected as a pilot city under the Made in China 2025 initiative, and as a result increased its investment in the manufacturing sector. The city currently has eight core industries: automotive, equipment manufacturing, home appliances, chemicals, new materials, software and electronic information, biomedicine, and food processing. Hefei is the fastest growing city in China, with its GDP rising from RMB 416.4 billion (US$65.9 billion) in 2012 to RMB 721.3 billion (US$106.8 billion) in 2017 – an increase of 73.2 percent.Ī survey by the State Administration of Foreign Experts Affairs titled ‘ 2017 Charming China’, revealed that Hefei was the third most attractive Chinese city in the eyes of foreign talent, placing just behind Shanghai and Beijing. ![]() ![]() In this article, we examine the business environment and latest developments in the top five fastest growing cities in China. To understand how these lower-tier cities are performing compared to established first-tier cities and to identify those with the greatest economic potential, China Briefing examined all cities in mainland China with a gross domestic product (GDP) of more than RMB 500 billion (US$74.1 billion) in 2017 and calculated their GDP growth rates between 20. According to the 2018 Research Report on the Employment Market for Graduates, 40 percent of the 90,000 graduates surveyed hope to work in so-called “emerging first-tier cities” such as Chengdu, Hangzhou, and Chongqing, while only 27 percent hope to work in first-tier cities. Lower-tier cities are continuously announcing business incentives to attract investment and promote pillar industries, while also offering a variety of entrepreneurship and housing subsidies to attract talent.Ĭhina’s next generation of workers are aware of these trends. In recent years, the increasing cost of labor, housing, and land in first-tier cities has led many Fortune 500 companies - especially those in the computer, software, information technology, and e-commerce sectors - to settle in second- and third-tier cities. In China, lower-tier cities are challenging the dominance of first-tier cities like Beijing and Shanghai for attracting foreign investment.
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