Ren's optimism also hinges from the fact that Ningbo became the 15th Chinese city to have a GDP of over 1 trillion yuan (7 billion) for last year, making it the second city in the club from Zhejiang province.
Residents in first-tier cities, with higher income level, have lower demand for durable consumer goods such as food. That reflects consumption structure is changing, as they are spending more money on goods and services other than food.
Residents buy food and supplies at a supermarket in Urumqi, Northwest China's Xinjiang Uygur autonomous region, on Sept 2, 2020. [Photo/Xinhua]
Renee Schaaf, the group's senior vice-president, said that China's pension potential is enormous. It is estimated that it will increase five-fold over the next 10 years from around billion to 0 billion. The growth will come from the development of enterprise annuity and voluntary retirement products.
Researchers also showed May how they improve farming methods in urban buildings among city households and promote methods of soilless cultivation.
Relatively high vacancy rates are seen in Zhuhai and Foshan in South China's Guangdong province, but with ever-improving infrastructure in the bay area, the two cities may prove favorable options to cost-saving companies and back office headquarters of large firms.
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Rescuers had to use oxygen tanks underground because there was little breathable air.
Research from the Fitch Ratings showed that China's shadow banking shrank in 2018, and it will continue to drop for the second year in a row, "albeit at a more gradual pace as the authorities attempt to strike a balance between reining in excessive leverage and ensuring satisfactory economic growth in the face of potential economic headwinds".
Reports of violence against women in the city have almost doubled since 2012, with 11,588 crimes, such as kidnapping and assault, recorded up to Nov 15 this year, police data shows.
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