Guangzhou, the southern Chinese city once known as Canton, is back on top as the country’s best city for business, according to new ranking unveiled this week by Forbes China, the licensed China-language edition of Forbes magazine.
Guangzhou, which moved up from No. 4 a year ago, topped the new list in part on the strength of the city’s infrastructure for both cargo and passenger traffic.The southern business hub is home to 13.6 million people, notably including billionaire Zhang Li of Guangzhou R&F Properties, one of China’s richest people.
Shanghai, which was No. 1 on last year’s list, slipped to No. 3 this year. Shenzhen, which like Guangzhou is based in China’s economic prosperous Guangdong Province, rose to No. 2 from No. 4.
Rounding out the top 10 were Nanjing, Wuxi, Hangzhou, Beijing, Ningbo, Suzhou and Foshan.