洞察新质生产力下的城市机遇报告
Unlocking urban opportunities throughNew Quality Productive Forces Contents Foreword3 Exploring China’s multi-tiered value investment ecosystem3 Executive summary5 I. Re-evaluating observational dimensions based on New Quality Productive Forces7II. Gaining insights into city strengths through a locally-tailored approach9III. Capturing the urban pulse with micro-level perception indicators11IV. Assessing overall development outcomes from diverse perspectives13 Dimension insights16 Economic strength17Technological innovation31Consumer vitality40Digital-intelligence empowerment52Open development65Regional synergy78Urban resilience91Green and low-carbon99Market environment112Culture and quality of life121 Variables and indicators 132 Acknowledgement138 “ Exploring China’smulti-tiered valueinvestment ecosystem The global economic landscape is undergoing profound adjustments,with slowing growth, intensified industrial chain restructuring, andaccelerated technological iteration. As a result, investors worldwide arefacing new challenges. China, driven by its New Quality ProductiveForces, is rapidly transitioning its core strengths from scale-basedadvantages to innovation-driven advantages. When we overlayindustrial maps with capital flow, it becomes evident that the differentdevelopment paths of Chinese cities are not only reshaping China’s rolein global industrial chains but also creating a multi-tiered system ofinvestment opportunities. Chinese cities are adopting different strategies to generate investmentvalue from the industrial chain. Whilst some are leading the way inhigh end manufacturing, unlocking innovation to developbreakthroughs across multiple fronts, others are developing “superlaboratories” to incubate new technology and build the systems of thefuture. It’s not just technology—cities with unique climate conditionsare becoming “green computing power foundations” developing energysectors that will power the future as well as provide a platform forcloud computing and AI. The real opportunity in China arises from the fact that these strategiesare not happening in isolation. They’re the combined effect of the scaleadvantages and diverse development strategies, which have enabledthe forming of what is essentially a “regional collaborative community”and a balanced ecological network. Each city plays a vital role in theindustrial chain, and each holds unique opportunities for the future.For example, when tech companies face disruptions from rapid technological advancements, green computing assets may commandpremiums due to increasing energy constraints. Similarly, when theconsumer electronics sector faces inventory challenges, cities thatspecialisein cultural exports may achieve growth amid the globalrevival of cultural tourism. For global investors, such an interconnectednetwork provides a strategic advantage, unlocking co-existingopportunities. We arehonouredto provide our clients and global investors with anobjective perspective—using quantitative indicators—to betterunderstand China’s urban development and investment prospects. TheChinese Cities of Opportunity 2025report,centredon thereconfiguration driven by New Quality Productive Forces, examinesten key observation dimensions, including Economic Strength,Technological Innovation, Consumer Vitality, and others, offering anin-depth analysis of the distinct development characteristics of variouscities from a perspective tailored to their local conditions. The reporthighlights that numerous Chinese cities have forged differentiateddevelopment pathways: Hefei focuses on breakthroughs intechnological innovation, Changsha activates consumer vitality in itsmarket, Guiyang strengthens digital-intelligence empowerment,Nanning deepens open development through cooperation, Chengdureinforces the foundation of urban resilience, and Xining advances itsgreen and low-carbon transition. It is through the diverse growth of these cities that China iscontinuously bolstering its New Quality Productive Forces, creatingfresh markets and investment opportunities for both Chinese andglobal investors. For investors who can tap into this opportunity, itrepresents not only a window to capture growth but also a historicchance to reshape the global economic map. In this investmentlandscape, with the complementary strategies across regions, every cityholds a key to unlocking future opportunities. I hope you enjoy reading the report. Hemione HudsonPwC China Chair and CEO Executivesummary Over the two years since the term NewQuality Productive Forces wasintroduced, the Chinese governmentand businesses have worked together todeepen the fusion of technological andindustrial innovation. Thiscollaboration has accelerated the shifttowards high-end, intelligent, andgreen industries, forging a distinctiveevolutionary path through enhancedproductive factors, transformedbusiness models, and the intelligentrestructuring of industrial chains. Inturn, this progress has unloc
