Chengdu, the capital of Sichuan Province, has become a sanctuary for Chinese millenials and Gen Zers fleeing the social, psychological, and legal pressures of the coasts. The city’s population is growing steadily at roughly 2% annually, while many other cities have seen a growth plateau.
Known for its laid-back, progressive culture, Chengdu has become exceptionally attractive to China’s skilled workers in recent years. It was voted the happiest city in China for 12 consecutive years, and living costs are low. Most importantly, regulations remain lax. This is why China’s gaming entrepreneurs are turning to Chengdu’s vibrant, yet laid-back culture to stake out a new home. Many Chinese in the gaming sector moved from Shanghai to Chengdu last year due to increasing financial strain and Beijing’s regulatory crackdowns on similar companies in Shanghai and Shenzhen.
Chengdu is also the third-most-popular destination for entrepreneurial overseas returnees, behind Beijing and Shanghai. The city’s viability as the next Chinese “Silicon Valley” has been accelerated by China’s structural reforms, as well as Chengdu’s talent recruitment initiatives such as its annual Golden Panda Awards.
The liberal and progressive city is becoming an innovative testing ground for a number of industries, including education, public infrastructure, and now hi-tech. With relatively low living costs and an influx of skilled workers from the coasts, Chengdu is an anomaly in a country beset by bloated real estate prices and demographic woes. The future of China’s “Silicon Valley” looks very bright.
(All information was provided by SupChina)
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