At the 4th China Investment Climate Forum held in Hangzhou today, the World Bank releases a report entitled "Governance, Investment Climate, and Harmonious Society: Competitiveness Enhancement for 120 Cities in China". After being awarded by the World Bank the city with the best investment climate among 23 cities in China in 2003, Hangzhou ranks among "golden cities" in investment climate this time. The other five "golden cities" are Qingdao, Shaoxing, Suzhou, Xiamen and Yantai.

The World Bank and China's State Information Center jointly conducted a survey of over 10,000 firms in 120 cities in China and ranked the competitiveness of these cities in terms of their investment attractiveness, government efficiency and progress toward achieving a harmonious society. Hangzhou and Shaoxing both top the list in all the indices. For instance, firms in Hangzhou spend an average of only 8.1 days a year dealing with government officials. This index, according to David Dollar, World Bank's Country Director for China and Mongolia, quantifies to some extent the government burden on firms. Hangzhou is the best performer in this regard.

This survey indicates that, in general, Jiangsu, Shanghai, Zhejiang, Fujian and Guangdong boast the best investment climate. Apart from the six "golden cities", 13 other cities are awarded "silver cities", including Beijing, Ningbo and Shanghai.