BEIJING, March 17 -- Guangzhou, Shenzhen, Hangzhou, Wuhan and Nanjing are ranked as the top five cities with most development potential in China, said a report by PwC China and the China Development Research Foundation (CDRF) on Friday.

According to the Chinese Cities of Opportunity 2017 study report, technological innovation and balanced development are the keys to building "cities of opportunity."

The report provides in-depth observations on 28 Chinese cities using ten indicators and 57 variables.

The indicators are intellectual capital and innovation, technology readiness, important regional cities, healthcare, safety and security, transportation and urban planning, sustainability and the natural environment, culture and lifestyle, economic clout, cost and ease of doing business.

Beijing, Shanghai and Hong Kong were excluded but are included in PwC's global cities of opportunity research.

The latest report looks at 28 cities in China, up from 24 last year. Four editions of the Chinese Cities of Opportunity report have been published since 2014.

This year's report finds the top cities in intellectual capital and innovation and technological readiness also achieve high scores in the overall ranking, a clear indication that technologically advanced cities are more likely to offer opportunities for its settlers.

Wu Weijun, a senior partner at PwC, said all the top five cities occupied front seats in at least four indicators, which demonstrates the importance of balanced development.

During the 13th Five-Year Plan period, China will continue to advance people-centered new type urbanization, which will provide great opportunities for urban development and international capital flows, said Fang Jin, deputy secretary-general of CDRF.