Oct. 26 (NBD) -- "We should spend a whole day at each place, but unfortunately, we only got 30 minutes," Perry Wong, Managing Director of Research of Milken Institute, an independent economic think tank based in California, the U.S., said after his one-day inspection tour in southwestern China's Chengdu city Wednesday.

Last month, Milken Institute released a report titled "Best-Performing Cities China 2017: The Nation's Most Successful Economies", in which Chengdu outperforms Beijing, Shanghai, Guangzhou, and Shenzhen to win the laurel.

Wong, one of the authors of the report, experienced the vigor and dynamism of the best-performing city during his one-day trip after visiting the Chengdu Planning Exhibition Hall, Chengdu Science City, and Tianfu Software Park, and having inspirational talks with government officials and scholars.

With regional economies playing an increasingly important role in the global economic development, future competition will extend to city economies, and topping Milken Institute's lists in 2015 and 2017 signifies Chengdu's strong expanding capability, Wong noted.

The one-day trip enhances his understanding of the southwestern city's energy and inclusiveness as well as its large room for development.

In an interview with NBD, Wong said that Chengdu is qualified for the title of a "global city," and that the key is how to present its strong power to the whole world.

He strongly believes that the provincial capital will experience fast growth over the next five years.

Perry Wong (right)  

Development of regional economy matters

Standing in front of the sand table showing Chengdu's urban planning in the Chengdu Planning Exhibition Hall, Perry Wong was intrigued by the construction of Chengdu Tianfu International Airport, the largest airport under construction across China during the 13th five-year-plan period. This, plus Chengdu Shuangliu International Airport, will make up the largest international airport hub in Southwest China by 2020. Engaging in the research of regional economy for over 30 years, Wong knows what transportation can mean for a city.

To Wong, driving regional economic development through city expansion has increasingly been a trend. This is also revealed in the report released by Milken Institute that China is building more city clusters except for the well-known Yangtze River Economic Zone and Pearl River Economic Zone. Wong told NBD that regional development is vital for China and the world as well. 

Chengdu has already demonstrated its great potential by making the top on the list of best-performing cities in China twice, said Wong. And how to unleash the potential is the key to its future performance. 

With unique geographical positions and preferential policies, Chengdu has a lot to profit from opening up to its neighboring cities, Wong added

Talents, key to a city's economic development

A city's economic development relies heavily on talents, said Wong at a meeting with scholars and representatives of Chengdu's local enterprises. He said that he was impressed by the talent attractiveness of the southwestern China city.

Li Weiming, the founder of 2861, a think tank in Chengdu, shared the same feeling, saying that Chengdu gathers talents and fosters a rich entrepreneurial atmosphere. Li said that the anxiety he once experienced in Silicon Valley just like the others can be alleviated here in Chengdu.

With regard to what makes Chengdu a talent magnet and an innovation incubator, another entrepreneur at the meeting gave the answer of working quickly yet living slowly. In his idea, such atmosphere attracts people to settle down, become dedicated to research, and demonstrate craftsmanship spirit.

Wong agreed, saying that Chengdu makes people feel relaxed. He also noted that the culture constitutes a city's base and soul and plays a vital role in attracting talents. And Chengdu, with its over-2300-year history since being built, boasts an advantage when compared with some other cities in China, he added.

Wong believes that no achievement can be made without culture and Chengdu has stood out in many aspects. Chengdu topped the list of best-performing cities in China released by the Milken Institute twice from 2015 to 2017, while Silicon Valley topped the list of the U.S. version for three consecutive years during the same period.

Silicon Valley is well known for its "cruel" culture, and it is a place where one can't stay without good results or innovation, Wong added. He noticed that Chengdu, on the contrary, is inclusive for all kinds of talents.

Wong also appraised Chengdu's policies of introducing talents, such as "talents apartments," saying that those measures are not only significant but also effective.

Urban development needs industry support

"The industry is the priority in urban development," Wong said. "Talents are important though, but the new ideas and new concepts from talents are of more significance. However, the vital thing is how these ideas can be transformed into products."

The "Best-Performing Cities China 2017: the Nation's Most Successful Economies" report reveals the same concept. Chengdu's development of its diversified and highly value added industries, encouragement of innovation and entrepreneurship, great reserve of talents as well as the lower land and labor costs make it stand out from big cities, according to the report.

It is noted that Chengdu has proposed to build a modern industrial system with international competitiveness and regional dynamics. As of July this year, 281 out of global 500 enterprises have settled in Chengdu.

Chengdu is likely to become a new industrial base of China in the future, and the new industry will be totally different from the industry we know, Wong commented. The city's potential comes from its comprehensive advantages in the fields of military, hardware and software. Wong added that it is hard to find a city like Chengdu which has advantages in all these three fields.

Email: gaohan@nbd.com.cn