Despite the epidemic raging around the world, the Chinese economy still has positive signs. Cities are constantly “outcompeting” each other to list the top 10 richest cities in China. Join VIMISS to list the top 10 richest cities in 2021!
At No. 1, Shanghai with a GDP of about 602 billion USD is the richest city in China. Shanghai has an economy larger than 81 bottom countries combined for IMF estimates in 2020.
In second place Beijing, where history meets future, Beijing has a massive GDP of $564 billion.
In third place, Shenzhen with a GDP of $432 billion is equal to that of Austria. Shenzhen was designated as China’s first special economic zone in 1980.
Chongqing rose to 4th place with a GDP of 386 billion USD, continuing to climb the list of the richest cities in China.
Guangzhou is at number 5. Guangzhou is known for the world’s largest trade fair with a GDP of $370 billion similar to that of Argentina.
6. Hong Kong
The vertical city of Hong Kong has a GDP of 365 billion USD, equal to the GDP of Norway
Suzhou with a GDP of $308 billion, roughly equal to the GDP of the country Greece.
The number 8 is a lucky number for the Chinese. Chengdu has a GDP of 278 billion USD.
Wuhan with a GDP of $253 billion, is larger than the GDP of Venezuela, Kuwait and Kenya.
Hangzhou ranks at number 10 with a GDP of $247 billion. Hangzhou has an economy on par with Chile.
Saying a place is rich or not, there are many criteria to evaluate it. Some are based on total GDP, some are based on GDP per capita, some are based on income per capita.
For example, many places have recently released data on per capita income for 2020. By this standard, the 10 richest cities in China are Shanghai, Beijing, Guangzhou, Shenzhen, Suzhou, Hangzhou, Nanjing, Dongguan, Foshan and Changsha. And Chongqing, Chengdu, Wuhan, these high GDP cities, didn’t make the top 10.
According to international criteria, the level of wealth mainly depends on GDP per capita, and this measure is relatively accurate. However, the latest ranking of China’s top 10 wealthiest cities is based on total GDP.
With a GDP of US$602 billion, Shanghai leads the country and continues to be at the top. Second and third place are Beijing and Shenzhen, with GDPs of $564 billion and $432 billion, respectively.
Guangzhou suddenly fell out of the top 4 and was surpassed by Chongqing, ranked in 5th place. The GDP of Chongqing and Guangzhou is 386 billion USD and 370 billion USD respectively.
In fact, since 2000, Shenzhen’s GDP has surpassed Chongqing’s and ranks fourth, and it has remained the same ever since.
Chongqing became China’s fourth centrally-run municipality in 1997, after Shanghai, Beijing and Guangzhou, but was surpassed by Shenzhen in 2000.
In this ranking, Hong Kong ranks sixth with a GDP of 365 billion US dollars. Before that, Hong Kong was always the largest city in terms of GDP of China. As early as 1990, Hong Kong’s GDP was 368 billion yuan, and Shanghai’s was 74.5 billion yuan. Hong Kong is 4.9 times bigger than Shanghai. By 1994, the gap was widening. Hong Kong’s GDP is 11705 billion yuan, Shanghai is 197.2 billion yuan, and Hong Kong is 5.9 times that of Shanghai.
By 2009, Shanghai’s GDP was 1504.6 billion yuan, and Hong Kong’s was 1462.2 billion yuan. For the first time, Shanghai overtook Hong Kong to become China’s largest city in terms of GDP.
In 2011, Hong Kong was surpassed by Beijing and ranked third; in 2018, Hong Kong was again surpassed by Shenzhen, ranked fourth; In 2020, Hong Kong was surpassed by Chongqing and Guangzhou and fell to sixth place. In 2020, Hong Kong’s GDP growth is -6.1%, Specific causes, other than epidemics and instability.
Hong Kong is one of the “Four Little Dragons in Asia”. During the 20 years from 1960 to 1980, Hong Kong’s GDP grew at an average annual rate of nearly 9%. Growth was driven by the manufacturing sector.
With the development of the economy and the improvement of living standards, the cost of Hong Kong is also increasing, leading to these manufacturing industries have moved to the mainland, where labor costs are low. Hong Kong focuses on developing the financial industry, real estate and becomes one of the financial centers of the world.
Without taking production as the basis, the two virtual real estate and financial industries developed strongly, high house prices were tied, the economy was stuck, there was no breakthrough in innovation. As a result, economic growth has clearly slowed down and is not as fast as that of inland cities.
Currently, Suzhou ranks 7th with a GDP of 308 billion USD, 57 billion USD behind Hong Kong. The 8th to 10th places are Chengdu, Wuhan and Hangzhou respectively with GDP of 278 billion USD, 253 billion USD and 247 billion USD.
The wealthiest cities in China are included in your study abroad plans. In big cities, the quality of training is also improved. You will study in an ideal environment to develop yourself.