Top 10 Chinese cities in the economic competitiveness ranking by CASS. Image: chinagate.cn
Shenzhen tops again in an economic competitiveness ranking of Chinese cities in 2015, according to a report released by the Chinese Academy of Social Sciences (CASS).
Hong Kong placed second, followed by Shanghai, Guangzhou, Taipei, Tianjin, Beijing, Suzhou, Macao and Wuxi.
However, in another survey of 61 jurisdictions around the world by IMD World Competitiveness Centre, Hong Kong ranked as world’s most competitive economy.
Hong Kong ranked as world's most competitve econpmy in IMD World Competitiveness rankings. Image: scmp
The Centre surveyed more than 5,400 business executives on four main factors – economic performance, government efficiency, business efficiency and infrastructure.
Hong Kong stood out because it "encouraged innovation through low and simple taxation and imposed no restrictions on capital flows.”
CASS Statistics show Shenzhen's GDP grew 8.9 percent last year to hit 1.75 trillion yuan ($265.9 billion). Meanwhile, its budget revenues surged 31 percent to stand at 272.7 billion yuan, and fixed-assets investment growth reached a 17-year high of 21 percent year-on-year.
Xu Qin, mayor of Shenzhen, said earlier that the city has been beefing up innovation-driven development strategy to boost local economic growth and will continue to increase research and development investment which now take up 4 percent of GDP.
The coastal city, however, is also one of the most plagued by social issues such as traffic congestion, pollution, healthcare access and cost, rising housing price, and security problems, according to CASS's report.