Hangzhou was named the best place to do business in China for a fifth consecutive year in a Forbes survey released on Tuesday. Shanghai came in second, Wuxi was third, Nanjing fourth and Ningbo fifth. Beijing remained in sixth place for the second straight year.
The municipal logo of Hangzhou, which is based on the Chinese character "hang," the first character of the town's name
Forbes China short-listed 194 cities in the Chinese mainland from a pool of 652 candidates with an annual GDP above 19 billion yuan in 2006. The list is based on each city's climate for business start-ups and private capital, which is why Hanghzou beat Shanghai for top billing.
Although Beijing hosted the Olympics last month, the magazine says the business and investment benefits have yet to materialize.