Chengdu named China’s best-performing big city

BEIJINGChengdu, the capital of southwest China’s Sichuan province, reclaimed the top spot in a Milken Institute ranking of the country’s best-performing big cities.

Nearby Chongqing climbed to second place, while Guiyang, the capital of China’s poor-but-fastgrowing Guizhou province, fell to third from first, according to a report released yesterday by the Santa Monica, California-based think tank founded by Michael Milken.

Chengdu and Chongqing are among the cities benefitting from the central government-led policy push since the early 2000s to steer greater investment to interior regions, according to the analysis. Both have varied and high-value-added industries, high-quality labour markets and lower costs than megacities such as Beijing and Shanghai, it said.

“The top-ranked cities are responding robustly to the central government’s directives,” Perry Wong, MD of research at Milken, said. “The Belt and Road initiative, together with the creation of regional economic clusters, demonstrates the central government’s determination to improve the growth prospects of Chinese inland cities.”

Chengdu, a manufacturing hub for companies like Intel Corp, also ranked first in 2015.

A megacity of more than 30 million people, Chongqing was carved out of Sichuan two decades ago to become China’s fourth direct-controlled municipality, essentially a provincial-level city like coastal counterparts Beijing, Shanghai and Tianjin. — Bloomberg