The Chinese city of Shenzhen is the best performing city in Asia, according to a new index compiled by independent economic think tank the Milken Institute.
Milken examined job creation, income creation and the economic value of industries in various cities for its first Asia-focused index; it has conducted a similar survey in the U.S. for over a decade.
"As the first of modern China's special economic zones, top-ranked Shenzhen remains a major production hub, boasting factories that employ tens of thousands of workers who produce iPhones for Apple and assemble components for many other firms," said Ross DeVol, the Milken Institute's chief research officer and one of the authors of the study.
"Yet lately the city's rapid progress up the economic ladder has been fueled by higher value-added – and better-paying – industries such as telecommunications, finance, and bio-pharmaceuticals," he added.
Shenzhen, located in Southern China's Guangdong Province, has a population of approximately 15 million.
Six of the Asian cities ranked in the top ten were in China, with Guangzhou, Chengdu, and Tianjin rounding out the top four. China's capital, Beijing, ranked seventh and Shanghai ranked tenth.