The City’s DNA

Behind the core cities' economies in China:

Private enterprise route (primarily private capital) = a more modest Hangzhou that evolves into Shenzhen;

Foreign enterprise route (primarily foreign investment) = a more modest Suzhou that evolves into Shanghai or Shenzhen;

State-owned enterprise route (primarily state-owned capital) = a more modest Nanjing that evolves into Guangzhou or Shanghai, or culminates in Beijing at the highest tier.