The economy of the People’s Republic of China is a rapidly developing and influential market economy. China is the one of the worlds largest economies. China has had the fastest-growing major economy for the past 30 years with an average annual GDP growth rate above 10%. China’s per capita income has likewise grown at an average annual rate of more than 8% over the last three decades drastically reducing poverty.
Guangzhou is a sub-provincial city and the capital of Guangdong Province in the southern part of the People’s Republic of China. Guangzhou is the main manufacturing hub of the Pearl River Delta, one of mainland China’s leading commercial and manufacturing regions. Guangzhou’s economic output is ranked third among Chinese cities after Beijing and Shanghai.
Guangzhou has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.