Hangzhou surpassed Beijing and Shanghai in terms of GDP per capita. Beijing was the most active city compared with Shanghai, Shenzhen, and Hangzhou. Beijing has invested the most in fixed assets while Shenzhen is the fastest-growing one.
Beijing leads with an index of 127.78 in the ranking of urban consumption vitality in the five select cities. Shanghai (97.07) and Guangzhou (82.58) followed in the second and third places, according to the report from People’s Daily Media Opinion Monitoring Office.
The ranking was measured by a series of indexes including basic GDP per capita, disposable income, retail sales of consumer goods, logistics infrastructure, spending on cultural, healthy, intellectual, and environmentally friendly products, and consumers’ attitudes products, good or bad, etc.
GDP per capita in those five cities are all above 100 thousand yuan (US$14,914), higher than the average level nationwide. Hangzhou surpassed Beijing and Shanghai in terms of that.
The urban consumption vitality will further be released along with the development of the tertiary industry. Empowered by the emerging technology and well-developed tertiary industry, the intelligent production and service system will be able to fulfill customers’ unique needs for individualized and premium products and services. Digitalization and online shopping also promote consumption.
By comparison, Beijing invested the most in fixed assets, such as municipal infrastructure and preparation for sports events, while Shenzhen was the fastest-growing one.