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.
Tianjin is the sixth largest city of the People’s Republic of China in terms of urban population. Administratively it is one of the four municipalities that have provincial-level status, reporting directly to the central government. Also, its urban land area is the fifth largest in China, ranked only after Beijing, Shanghai, Guangzhou and Shenzhen. Manufacturing is the largest (60.1%) and fastest-growing (18.2%) sector of Tianjin’s economy. Farmland takes up about 40% of Tianjin Municipality’s total area. Wheat, rice, and maize are the most important crops. Fishing is important along the coast. Tianjin is also an important industrial base. Major industries include petrochemical industries, textiles, car manufacturing, mechanical industries, and metalworking.
Tianjin 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.