How 4 Chinese millennials have found secret of hi-tech success in Chengdu
- Capital of Sichuan province’s reputation as hub of innovation attracts entrepreneurs, skilled workers – and subsidiaries of 301 of world’s biggest companies
- City’s more than 20,000 tech start-ups can hire well-educated talent thanks to municipal government’s wide range of job recruitment efforts
Chengdu, the capital of China’s Sichuan province – one of the most important business, financial and cultural centres in the southwest of the country – has become a magnet for skilled millennial workers looking to develop their careers in the thriving, laid-back urban environment.
It is a leading player among the nation’s “new first-tier cities” – those at the top of the four-level ranking system that classifies the business attractiveness of cities according to their administrative level and the size of their gross domestic product and population.
In Chengdu I saw the explosive growth of tech start-ups. For young entrepreneurs, there is more room here to create and more opportunities to succeed
Today it is known as a hi-tech hub of innovation, which is particularly enticing to talented young tech industry professionals.
Some the country’s multinational tech conglomerates, such as Tencent and Alibaba – which owns the South China Morning Post – have established strategic subsidiaries in Chengdu, along with 301 of the world’s biggest companies on the Fortune Global 500 list, including IBM from the United States, South Korea’s Samsung and SAP from Germany.
Chengdu, which is also home to more than 20,000 tech start-ups, was ranked fourth in new economy sector volume across China in a 2018 Deloitte report.
The city has China’s fourth-highest population – with an urban population of 11.9 million and more than 16 million in the greater Chengdu area – according to 2018 figures provided by Chengdu Bureau of Statistics.
Well-educated talent is attracted to the city, with 6.6 per cent of entrepreneurs returning from overseas choosing to start their businesses in Chengdu – only Beijing and Shanghai were more popular destinations – according to a 2017 study by the Beijing think tank, Center for China and Globalization.
