Beijing, Shanghai, Shenzhen remain top three richest cities in China

Night view of skyscrapers and high-rise buildings of Jianwai Soho and Yintai Center in CBD in Beijing. [Photo/IC]

Three of China's big cities -- Beijing, Shanghai, and Shenzhen -- have topped a ranking of the country's richest cities, according to a list released by China Business News, an economic news portal.

Instead of measuring each city's GDP per capita, the list is based on total deposit balances held at all financial institutes. This figure is also referred to as the total capital amount, and indicates the result of economic growth in certain regions and cities, the report said.

China's leading cities, Beijing and Shanghai, are far ahead of other regions, and their total capital amount is above 10 trillion yuan (USD 1.5 trillion), according to the report.

Statistics from the Municipal Bureau of Statistics show that Beijing and Shanghai's savings deposits in Renminbi and foreign currencies in all items of financial institutions totaled 12.86 trillion yuan and 10.38 trillion yuan at the end of 2015, an increase of 1.52 trillion yuan and 1.33 trillion yuan respectively on the figure at the beginning of the year.

Meanwhile, Shenzhen's savings deposits in Renminbi and foreign currencies in all items of financial institutions totaled 5.78 trillion yuan, nearly three percent higher than the same period this year in Guangzhou, according to the Shenzhen Municipal Bureau of Statistics.

One reason for the slow monetary fund growth in Guangzhou is that the city's real estate market is relatively moderate compared to the other major cities.

Furthermore, Beijing, Shanghai, and Shenzhen have more listed companies to attract private equity funds and other financial institutions than Guangzhou, it was added.

In terms of the growth rate of total capital funds, capital cities in central China, namely Hefei, Changsha, Wuhan, and Zhengzhou, have surged ahead of the average national level, the report said.

That is mainly because provincial cities provide excellent resources in education, medical treatment, culture, and finance, which will attract more funds to these major cities, said Ding Changfa, associate professor of the Department of Economics at Xiamen University.