Five strengths that sealed the Fortune Forum

Editor's note: As Chengdu prepares to host the 12th Fortune Global Forum from June 6 to 8, Yan Xing, deputy dean of the Chengdu Academy of Social Sciences, outlines the five strengths that enabled the city to become the first in western China to attract the event:

Engine for development

China is now the second largest economy in the world. The western part of the country, due to the west development strategy, is a most promising region in the world economy.

Chengdu's annual growth rate has topped all 12 provincial capitals in western China since the country launched the strategy in 2000. It is now the most promising nucleus in the region.

Chengdu's GDP accounts for 8 percent of the entire western region.

The State Council approved Chengdu-Chongqing Economic Zone in 2011 and the 12th Five-Year-Plan for West Development in 2012, linking Chengdu and Chongqing together as a key region in the west.

A total of 234 Fortune Global 500 companies have set up offices in Chengdu.

City of innovation

The Tianfu software industrial park in Chengdu is among the many high-tech operations.Provided to China Daily

The city is among the country's best research and development bases with more than 2,700 research institutes and a range of professional institutes. It has more than 80 State-level R&D centers and over 800,000 technical professionals.

Home to 42 higher education institutions including Sichuan University and the University of Scientific Technology of China, Chengdu has more than 200,000 graduates each year that keep the city innovative.

In 2010, some 31,261 patents were filed in the city and 25,981 were approved, the top among all western and central Chinese cities.

It is also one of the first State-level cities for innovation as approved by the Ministry of Science and Technology in 2010.

Unique culture and lifestyle

With a long history, profound cultural traditions and a laidback lifestyle, Chengdu has long been a dream destination for men of letters, including famous Chinese poet Li Bai in the Tang Dynasty (618-907).

Their works and relics are not only attractions, but also the cultural and literary fortunes of the city.

In 2007 the US magazine Time published an article titled "Welcome to China's China" to show Chengdu's modernity and lifestyle. The title itself has become a recent depiction of Chengdu on the world stage. With five UNESCO World Heritage sites in a 300 km radius, it is also widely known as the home of giant pandas.

Panda-styled waiter shows his talent at a Chengdu teahouse. The city’s culture is one of its major attractions.Gu Dao / For China Daily

Local food is another major attraction. UNESCO named Chengdu a City of Gastronomy in 2010, the first Asian city to be awarded such accolade. Popular foods around the world - such as spicy hotpot, Mapo tofu and Kungpao chicken - are all from Chengdu.

Conferences and exhibitions

Chengdu's rich experience in hosting big international conferences and its quality service team are another key reason why it was selected as the host city by Fortune magazine.

Chengdu has hosted all 13 of the Western China International Fairs since the annual event began in 2000. It has also hosted international auto shows, the EU-China Business & Technology Cooperation Fair and other globally known events.

The city's conventions and exhibitions had their fastest ever growth from 2005-2011, marked by surging economic output, the number and scale of events, and added value to other industries.

As one of the nation's top 10 convention cities, Chengdu aims to become the capital of the sector in China in 2015 and Asia in 2030.

Efficient local government

With its highly efficient government, Chengdu is now a hub for investment in China's inland.

In 2001, it became the first city in the country to set the target of a normalized, service-style government. The city government since reduced its total number of approval authorities from 179 to 48.

During the 48th foreign investors symposium last year, Chengdu has won wide praise for its effective and quality government services.

Chengdu topped the 2010 Forbes Magazine list of 10 fastest growing cities. An Economist Intelligence Unit report Citi Group published last year ranked it as the seventh most competitive city on the Chinese mainland.

China Daily