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Shanghai named China's most costly city for business

(China Youth Daily)

16:01, October 24, 2011

Edited and Translated by Han Shasha, People's Daily Online

Shanghai was ranked China's most expensive city for business in 2011, according to a list released by Forbes China on Oct. 19.

Forbes China surveyed a total of 129 cities that had a municipal GDP exceeding 43.6 billion yuan in 2010. And the calculations of the costs for doing business were based on the five indicators: labor cost, office rent, energy prices, taxes and employee insurance.

Shanghai topped the list in terms of employee insurance coverage, including pension insurance, medical insurance, unemployment insurance and injury insurance, on the Chinese mainland. And Shanghai had the second highest rent prices for offices.

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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