Hefei, Yangzhou, Shenzhen, Chengdu, and Nantong are the fastest-growing cities in China. Growth in the sense of population, per capita income, monthly minimum wage, total export-import volume, and actual utilized FDI. Over the past few decades, certain urban centres in China have grown a lot, transforming from small towns into busy cities. These cities are not just expanding physically but also economically, socially, and technologically, reshaping the landscape of China.
In this article, we will see about the cities in detail based on their growth.
Table of Content
List of 5 Fastest Growing Cities in China
|
City |
Population |
Per Capita Income |
Monthly Minimum Wage |
Total Export-Import volume |
Actual utilized FDI |
|---|---|---|---|---|---|
|
Hefei |
7.96 million |
RMB 31,950 |
RMB 1,520 |
RMB 168.41 Billion |
RMB 20.38 Billion |
|
Yangzhou |
4.5 million |
RMB 31,370 |
RMB 2,020 |
RMB 72.9 Billion |
RMB 8.1 Billion |
|
Shenzhen |
12.52 million |
RMB 52,938 |
RMB 2,200 |
RMB 2801.14 Billion |
RMB 49.95 Billion |
|
Chengdu |
16.04 million |
RMB 38,918 |
RMB 1,650 |
RMB 393.52 Billion |
RMB 67.77 Billion |
|
Nantong |
7.3 million |
RMB 33,011 |
RMB 2,020 |
RMB 236.02 Billion |
RMB 16.33 Billion |
Note:- Provided data is based on year 2017 && 1RMB = 11.53 ruppees.
What Does Growth Mean?
Here growth is based on the total population, per capita income, monthly minimum wage, total export-import volume, and actual utilized FDI.
Population:- Total no population of that city
Per Capital Income:- Average income earned per person in the city. It is calculated by dividing the total income of a population by the total population.
Monthly minimum wage:- Minimum amount of compensation that an employer must pay to an employee for a standard month of work(salary).
Total Export-Import volume:- Total export-import volume refers to the combined value of goods and services that the particular city exports and imports over a specific period.
Actual utilized FDI:- Actual utilized Foreign Direct Investment (FDI) refers to the portion of foreign investment that has been successfully deployed or put to use within a particular city for productive purposes.
Hefei, Anhui
Hefei is one of the fastest-growing cities in China with a GDP of RMB 721.3 billion (US$106.8 billion) in 2017 an increase of 73.2 per cent in comparison to 2012. According to the survey of the State Administration of Foreign Experts Affairs titled ‘2017 Charming China’, revealed that Hefei was the third most attractive Chinese city after Shanghai and Beijing in the eyes of foreign talent. Hefei includes eight core industries including automotive, equipment manufacturing, home appliances, chemicals, new materials, software and electronic information, biomedicine, and food processing. According to the data of the year 2017, Hefei has a population of 7.96 million with a per capita income of RMB 31,950. The monthly minimum wage in Hefei is RMB 1,520 and the total export-import is RMB 168.41 billion and the actual utilized FDI is RMB 20.38 Billion. Moreover, Hefei has increased its efforts to focus on Fortune Global 500 companies in sectors such as equipment manufacturing, new energy vehicles, and logistics to attract additional foreign enterprises and top-tier talent. By 2023, Hefei will have a GDP of more than RMB 1 trillion (US$150.9 billion).
Yangzhou, Jiangsu
Yangzhou is the second fastest-growing city in China with a GDP of RMB 506.4 billion (US$75 billion) in 2017 an increase of 72.65 percent in comparison to 2012. Yangzhou includes five major industries automobile, machinery, tourism, software, and food processing. In 2017, the city announced plans to strengthen new and important industries like renewable energy, medicine, advanced materials, energy-saving technologies, high-quality manufacturing, IT, and biotechnology. The goal is to reach a total output value of RMB 700 billion from these industries by 2020. According to the data of the year 2017, Yangzhou has a population of 4.50 million with a per capita income of RMB 31,370. The monthly minimum wage in Yangzhou is RMB 2,020 and the total export-import is RMB 72.9 billion and the actual utilized FDI is RMB 8.1 Billion. In April 2018, the government announced incentives to attract high-end professionals, including a monthly rental allowance of up to RMB 3,000 and a one-time housing subsidy worth up to RMB 2 million.
Shenzhen, Guangdong
Shenzhen is the third fastest-growing city in China. The GDP of Shenzhen was RMB 2,228.6 billion (US$330.1 billion) in 2017 an increase of 72.1 percent compared to 2012. Shenzhen’s major industries include developing emerging industries, including new energy and materials, life and health, robotics, intelligence equipment, and aerospace and aviation. According to the data of the year 2017, Shenzhen has a population of 12.52 million with a per capita income of RMB 52,938. The monthly minimum wage in Shenzhen is RMB 2,200 the total export-import is RMB 2801.14 billion and the actual utilized FDI of Shenzhen is RMB 49.95 Billion. Shenzhen is known for its vibrant and rapidly growing startup ecosystem.
Chengdu, Sichuan
Chengdu is the fourth fastest-growing city in China. The GDP of Chengdu was 1,388.9 billion (US$205.7 billion) in 2017 an increase of 70.66 percent compared to 2012. Chengdu announced plans to focus on new economy sectors like digital, intelligence, and green initiatives. According to the data of the year 2017, Chengdu has a population of 16.04 million with a per capita income of RMB 38,918. The monthly minimum wage in Chengdu is RMB 1,650 the total export-import is RMB 393.52 billion and the actual utilized FDI of Chengdu is RMB 67.77 Billion. Analysts believe Chengdu has several advantages for developing the new economy, including its role as a logistics hub, a large consumer market, and abundant talent in science and technology. Chengdu’s efforts to attract investment have been successful, ranking as the most attractive emerging first-tier city for businesses in China, according to Yicai’s 2018 ranking.
Nantong, Jiangsu
Nantong is the fifth fastest-growing city in China. The GDP of Nantong was RMB 773.4 billion (US$ 114.5 billion) in 2017 an increase of 69.67 per cent compared to 2012. Nantong’s major industries include premium textiles, electronic information, and marine engineering. They also focus on fast growing industries like smart machinery, innovative materials, renewable energy, and electric vehicles. According to the data of the year 2017, Nantong has a population of 7.3 million with a per capita income of RMB 33,011. The monthly minimum wage in Nantong is RMB 2,020 and the total export-import is RMB 236.02 billion and the actual utilized FDI of Nantong is RMB 16.33 Billion.
What powers China’s economic growth?
China’s economic growth is driven by a few important things.
- China manufactures a lot of stuff, like clothes, toys, and electronics and this creates jobs and revenue when things are getting sold.
- The population of China is vast so when people buy things, it helps businesses to grow and makes the economy stronger.
- The government of China invests more in the nation’s infrastructure like roads, bridges, and high-speed trains and it makes businesses operate smoothly.
- China invests in business all over the world and they are involved in trading with other countries.
- Government policies are very good in China that encourage new start-ups to grow or new ideas to convert into businesses.
Conclusion
China is rapidly focusing on advancing technologies and these cities play a major role in focusing on different industries. The government is providing subsidies to the investors and for this reason, many investors are attracted to invest in these cities. These cities play a major role in developing the nation in the 21st century. In this article, we have discussed these cities in detail. Hefei, Yangzhou, Shenzhen, Chengdu, and Nantong are the fastest-growing cities in China.
People Also Read
- Factors caused by Rapid Growth in Economic Development in China.
- List of Province of China and their Capital.
- Top 10 World Largest Economies by Nominal GDP 2024.
FAQs on fastest growing cities in China
Which are the five fastest-growing cities in China?
Hefei, Yangzhou, Shenzhen, Chengdu, and Nantong are the five fastest-growing cities in China
Which city marks the highest growth in GDP between 2012 to 2017?
Hefei marks the highest growth of GDF in 2017 an increase of 73.2 percent in comparision to 2012
What are the major industries Hefei focused on?
Hefei includes eight core industries including automotive, equipment manufacturing, home appliances, chemicals, new materials, software and electronic information, biomedicine, and food processing
What do you mean by total export-import value?
Total export-import volume refers to the combined value of goods and services that the particular city exports and imports over a specific period.
What are the additional sectors Nantong focuses on?
The additional fast growing industries like smart machinery, innovative materials, renewable energy, and electric vehicles Nantong focuses on.
What do you mean by per capita income?
Average income earned per person in the city. It is calculated by dividing the total income of a population by the total population.