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County cities to lift future growth
By Wang Yanlin |
September 18, 2010, Saturday
|
Print Edition
Print Edition
COUNTY-LEVEL, or third-tier, cities are set to drive China's future economic growth because of their surge in consumer spending, lower costs and big market potential, said participants at a forum yesterday.
As a result, investors may also shift their attention to these cities where numerous private companies have thrived, they said at the Forbes China County Investment and Development Forum.
"County-level cities are becoming more competitive," said Ha Jiming, former chief economist at the China Investment Corp. "There is a growing trend that skilled people return from big cities to their home towns for cheaper living costs. It provides a good opportunity for smaller cities to develop industries and upgrade them."
Ha also said the economy of these cities is likely to benefit from higher consumption because the return of these skilled people will create demand for homes, automobiles and luxury products.
County-level cities contributed 56.3 percent of China's gross domestic product in 2009.
But county-level cities also face tremendous challenges, including lack of investments and insufficient highly skilled people, participants said.
"Many talented people choose to go to big cities like Shanghai and Beijing," said Wu Wei, vice mayor of Wujiang, a county-level city in Jiangsu Province.
"I want to say we can offer them a better life and more room to develop their value if they come to our city."
As a result, investors may also shift their attention to these cities where numerous private companies have thrived, they said at the Forbes China County Investment and Development Forum.
"County-level cities are becoming more competitive," said Ha Jiming, former chief economist at the China Investment Corp. "There is a growing trend that skilled people return from big cities to their home towns for cheaper living costs. It provides a good opportunity for smaller cities to develop industries and upgrade them."
Ha also said the economy of these cities is likely to benefit from higher consumption because the return of these skilled people will create demand for homes, automobiles and luxury products.
County-level cities contributed 56.3 percent of China's gross domestic product in 2009.
But county-level cities also face tremendous challenges, including lack of investments and insufficient highly skilled people, participants said.
"Many talented people choose to go to big cities like Shanghai and Beijing," said Wu Wei, vice mayor of Wujiang, a county-level city in Jiangsu Province.
"I want to say we can offer them a better life and more room to develop their value if they come to our city."
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