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EIU: Chinese cities cost less to live in
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CHINESE cities are becoming cheaper in terms of living cost on a global level following the fall of the yuan’s value against the US dollar, a latest study by the Economist Intelligence Unit showed.
Shanghai’s ranking fell by five places but still remained the most expensive city in China’s mainland, followed by Shenzhen and Dalian. Beijing’s position dropped the most in the past year, falling 16 places from to the 31st in the global ranking, said the EIU’s Worldwide Cost of Living Survey.
Singapore topped the ranking for the 4th year running, and was joined by Hong Kong in 2nd place and Asian cities made up five of the six most expensive cities globally.
The bi-annual survey covers over 400 individual prices across 160 kinds of products and services in 140 cities in 93 countries with all the price gathered being converted into a central currency (US dollar) using a prevailing exchange rate.
"The fall in Chinese cities down the ranking is to be expected given weakening demand growth and the decline in the value of the yuan over the last year or so," comments Jon Copestake, editor of the survey.
The trend is in contrast to other Asian cities which have come to dominate at the top of the ranking.
Tokyo and Osaka in particular have jumped back up the ranking in the last 12 months to the fourth and fifth place respectively, thanks to the appreciation of the yen.
The Japanese capital, which was the world’s most expensive city until 2012, moved seven places up the ranking due to a sustained recovery of the Japanese yen.
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