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Cost of living rises in cities across China

(China Daily)

08:45, February 07, 2013

Global index highlights expense residents of major urban areas face

Shanghai is placed beside New York in a global cost of living index that also confirms Hong Kong's standing as the most expensive Chinese city.

New York is the benchmark city for the survey against which the cost of living in major cities is measured. Prices in Shanghai, on a weighted basis, match it.

With a score of 99 against New York's 100, Shanghai was ranked 30th of 131 cities, up 11 places from last year, by the Economist Intelligence Unit's survey.

Hong Kong led Chinese cities, taking fourth place in Asia and 14th spot worldwide. After Shanghai, Shenzhen was second among Chinese mainland cities, coming in 14th in Asia and holding down 40th place overall, followed by Dalian, Beijing and Guangzhou. These cities all moved up the ranks from last year.

Tokyo regained the title of the world's most expensive city.

The survey editor cited growing consumerism as a key factor for the rising cost of living in China.

Costs have gone up as increased consumer demand offsets wage increases and government efforts to keep the economy from overheating, Jon Copestake told China Daily.

Copestake suggested that the latest figures reflect recent economic expansion and the trend that China looks set to be the world's biggest economy, possibly as soon as 2020.

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