It’s well-known that China has a large population and vast market potential. Apart from these, what else do you know about China?
In the future, we will continue to summarize and share data regarding China’s economic development as well as assist companies in creating strategic plans to enter the Chinese market.
**The official language of China is Mandarin Chinese and the official currency is the RMB
China has 4 major cities which include Beijing, Shanghai, Guangzhou and Shenzhen respectively. In total, these cities house a population of 85 million and their overall GDP accounts for 14% of the nation’s total.
There are 50 second-tier cities located in China, most of which are provincial capitals or cities with very strong industrial economics (e.g. Hangzhou, Zhejiang Province which has a population of 9 million and a GDP of over 1 trillion RMB). The population of these cities equates to 350 million and their GDP makes up roughly 31% of the nation’s total.
The number of third-tier cities is 660, mainly including prefecture-level cities (e.g. Heze, Shandong Province, which has a population of 8 million and a GPD of 240 billion RMB). The total population is 350 million and has a GDP equaling roughly 26% of the nation’s total.
There are 2,400 fourth-tier cities, consisting of area similar to that of counties in the United States (e.g. Quzhou, Zhejiang Province, which has a population of around 3 million and a GDP of over 100 billion RMB). The population total is 300 million and the GDP accounts for 10% of the nation’s total.
From the top tier to the bottom tier, income gradually decreases, but the population and market demand continues to rise!