Shenzhen clinched the top spot in the two dimensions of technology and innovation and ease of doing business among 57 Chinese cities in a report jointly released by the China Development Research Foundation (CDRF) and accounting firm PwC China on March 20.

The city secured the third position in the overall city ranking, following Beijing and Shanghai, and was among the top five in other dimensions including urban resilience, culture and quality of life, and economic clout, according to the Chinese Cities of Opportunity 2024 report.

In the dimension of technology and innovation, Shenzhen ranked first in patent authorization and new energy development. The city ranked third in high-tech enterprises and digital cities, with an accelerated convergence of innovative resources and outstanding technological strength. In terms of ease of doing business, Shenzhen ranked second in express logistics, third in entrepreneurial vitality and business environment, and fifth in foreign trade.

The report, issued annually by the CDRF and PwC China since 2014, is a survey that tracks and observes Chinese cities using 10 dimensions and 50 variables. The number of cities under observation has further expanded to 57 this year and covers the central and node cities of major city clusters in China including the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

According to James Chang, managing partner of regional economic clusters and south markets at PwC China, it is evident that the top cities excel in balanced development. They rank prominently across multiple dimensions, which showcases their robust overall strength.

In particular, the GBA exhibits consistent performance in dimensions such as technology and innovation, sustainable development, economic clout, and ease of doing business, which reflects the region’s complementation of high tech, new industries, high-quality business services, and strong economic strength, Chang said.

Shenzhen took the top spot in technology and innovation and ease of doing business among 51 Chinese cities in the 2023 report. It also took the top spot in ease of doing business and technological maturity among 47 Chinese cities in the 2022 report.