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May 14, 2019

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Shanghai best city to do business

SHANGHAI has been ranked as the city with the best business environment on the Chinese mainland, according to Xinmin Evening News, citing a report released yesterday.

The 2019 Evaluation Report on Chinese City Business Environment Index, which tracks 100 of the richest cities in the country, has Shanghai on top of its list with an overall score of 86.73.

It is followed by Beijing, Shenzhen and Guangzhou.

The index, produced by the China Strategy Culture Promotion Association, China Association of Business Media, Wanbo New Economy Research Institute and Yicai Research Institute, is compiled based on a city’s software (regulations, policies) and hardware (infrastructure, etc).

Shanghai topped the list overall but was ranked second in both software, with a score of 92.94, and hardware with 77.42. Beijing was best in terms of software at 94.57, while Shenzhen was top for hardware with 77.67.

The list took seven sub-indexes into consideration — the natural environment, infrastructure construction, innovation, the environment for professionals, the financial environment, culture and living. Shanghai took the lead in infrastructure construction and culture, and was among the top three for its professionals, innovation and financial environment.

The report said cities used to pay a lot of attention to traditional factors such as the financial environment and the environment for professionals, but culture stood out as another core factor that plays an important role in a city’s attractiveness for businesses.

“Shanghai exceeds others in terms of the cultural environment as the city has a spirit of openness and is friendly to new things,” the report said.

Improving the business environment is one of the city’s top priorities this year.

“For a city like Shanghai, urban development cannot rely solely on preferential policies or low-factor costs,” Li Qiang, Shanghai’s Party secretary, said in February. “Only by optimizing the business environment can the city gain the upper hand and further sustainable development.”

The World Bank’s 2019 Doing Business report showed China’s business environment rising 32 places to rank 46th in the world. Shanghai was one of the sample cities in the report.

As symbolic of the city’s all-round development, the success of last year’s China International Import Expo sent a clear signal of Shanghai’s ability and intention to become an aspirational destination for overseas enterprises and capital across all industries.

Shanghai Mayor Ying Yong has pledged that the city will embrace all challenges, take active measures to counter risks and grasp all opportunities to pave the way for high-quality growth.


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