Although the speed of growth has slowed everywhere, for us the loss has been minimal,” said Tang Jiqiang, the Chengdu high-tech zone’s director of strategy. “We have seen growth slip from 25 percent to 23 percent.”
Overall, Chengdu expects economic growth of 13 percent this year, down from about 15 percent in recent years, but still well above the expected national average of about 8 percent.
Gao Wenshu, an expert on labour economics at the Chinese Academy of Social Sciences in Beijing, said Chengdu’s skilled labour force could help it emulate Silicon Valley.
However, the city offers relatively low wages compared with Beijing, Shanghai and Guangzhou, and the challenge will be attracting and keeping an innovative workforce.