Shenzhen tops the chart as the most competitive Chinese city that replaces Hong Kong, which ruled the top spot in per capita outstanding deposits, as per the Chinese Academy of Social Sciences 2014 rankings.

Shenzhen, a small city that borders Hong Kong is suddenly in the limelight after being declared the most competitive city according to the 2014 rankings, given by Chinese Academy of Social Sciences, which publishes the report every year.

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While Hong Kong ruled the league in 2012, Shenzhen has replaced it this year.

Even in the property markets, Shenzhen is leading the pack with maximum gains. It is said that what is even more surprising is that Hong Kong has always held the first spot in this survey ever since it was first published; however, this year's results are clearly pointing towards a rising wave of change.

According to Forbes, the Blue Book on Urban Competitiveness, as the survey is called, examined a total of 294 cities before declaring the final results, wherein the result was released to the public in Beijing on Thursday. Experts are also pointing out that one of the major reasons for Hong Kong to lose its leader of the pack position is the country's constant aversion from adopting innovative technology based methods. While Shanghai retained its third position in the survey, Beijing fell by two notches leading at number eight. Another report published on Wantchinatimes claimed that Hong Kong retained the top spot in terms of per capita outstanding deposits.

It is noteworthy to point out that most of the cities in the top ten list are located in the Pearl River Delta region. All the rankings are done in accordance to the general economic competitiveness index. The report is jointly prepared by Chinese Academy of Social Sciences, Chinese City 100-Person Forum, and Social Sciences Academic Press.

TagsChina competitive city, China markets