China Watch Blog has learnt that Shanghai was ranked China’s most expensive city for business in 2011.
Shanghai TV tower
According to a list released by Forbes China on Oct. 19, it surveyed a total of 129 cities with a municipal GDP exceeding 43.6 billion yuan in 2010 using five indicators – labour cost, office rent, energy prices, taxes and employee insurance – as cost of doing business.
The survey revealed that Shanghai topped the list in terms of employee insurance coverage, including pension insurance, medical insurance, unemployment insurance and injury insurance, on the Chinese mainland, this top financial city had the second highest rent prices for offices, according to a People’s Daily report.
Due to soaring labor costs, Hangzhou overtook Beijing as the second most expensive city this year.
Qingdao moved up to the 10th most expensive city from the 21st in 2010 because of its rising labor costs, energy prices and employee insurance.
According to the list, the most expensive cities are mainly located in the eastern areas in China. Of the 25 most expensive cities, seven are in the Yangtze River Delta Area.
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