Shenzhen City overtook Hong Kong as it became China's most competitive city in the Chinese Academy of Social Sciences 2014 rankings, according to the Bluebook on City Competitiveness published May 15.

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Hong Kong has been the top city in ranking since it was included in the survey a decade ago, which is also the first year it joined.

Shenzhen held the number 2 spot last year, and this year, the city quickly toppled HK and became first, reported Forbes.

The survey on the cities' rankings, which included 294 cities, was released in Beijing last Thursday. The survey was included in the Blue Book on Urban Competitiveness by CASS.

The Blue Book is at its 103rd edition. In the 2014 data, the report ranked 300 Greater Chinese cities using their general economic competitiveness index.

Shanghai ranked as the third most competitive city, closely followed by Tianji, Beijing, Macao, Taipei, Guangzhou, and Wuxi. Meanwhile, the Pan-Bohai Area and Hong Kong-Macao-Taipei are also in the top 10.

Despite ranking second, Hong Kong is still at the top spot when it comes to per capita outstanding deposits, according to the report.

Hong Kong allegedly lost to Shenzen because it lacked innovation in city development, as reported by Want China Times. Because Hong Kong was shown to have wavered in the report, emerging industries had received limited support.

Innovation is truly an issue since in early March, Chinese Premier Li Keqiang unveiled the "Internet Plus" plan, and new businesses were expected to revive China's economy. Li Keqiang aims for Beijing to invest in innovation. In Shenzen, businesses seem to have already adopted the plan.

Since December, home prices have been on the rise in Shenzen. In Beijing and Tianjin, prices have also begun increasing. The fall last year in property prices have affected the Chinese economy, which, in 2015, is estimated to grow at a weak speed for 15 years, according to Bloomberg Business.

TagsShenzen, shenzen china, Hong Kong, shenzen economy, shenzen most competitive city