Nanyang has moved to the top of the Chinese Emerging Cities list's 2017 edition with a monumental 76 place jump. The list was recently published by the Economist Intelligence Unit (EIU), a research and analysis division of The Economist Group.
Founded in 1946, EIU has over 70 years' experience in helping businesses, financial institutions and governments understand the fast-changing world, opportunity creation and risk management.
Based on historical data and forward-looking analysis, EIU drew upon the knowledge of a large pool of industry experts to compile the list across multiple indexes, including annualized growth rate of GDP, population, consumption, fixed-asset investment and urbanized area.
The burgeoning Nanyang ranks first on the list of Chinese Emerging Cities in 2017 released by Economist Intelligence Unit. [Photo/wenming.cn]
All 97 cities on the list are supposed to have an estimated population of more than 1 million by 2021. It is to filter out cities that are deemed unqualified in terms of new markets with development potential due to size.
EIU believed that the listed emerging cities will be major driving forces for China's future consumption growth. By 2019, per capita disposable income in the top 20 cities is estimated to grow by 60 percent in comparison to 2013 number. The number of people earning more than 100,000 yuan ($15,765.9) annually will rise from less than 500,000 to 4.4 million.
The reason why Nanyang outshone its peers and ranked first could be largely attributed to its surging population and urbanized area. The city's performance in other aspects is also praiseworthy although not the best, said Wang Dan, a cheif EIU analyst in China.
Statistics showed that Nanyang's urbanized areas grew from 100 square kilometers to 170 during the Twelfth Five-Year Plan Period (2011-2015). Meanwhile, its total retail sales of consumer goods increased by 11.7 percent to 80 billion yuan in the first half of 2017, ranking third in Henan province.