Tuesday, February 23, 2010

China, Shenzhen Cost of Living January 2010

LOCATION: China is in Eastern Asia, bordering the East China Sea, Korea Bay, Yellow Sea, and South China Sea, between North Korea and Vietnam. Shenzhen is a city of sub-provincial administrative status in southern China's Guangdong province, situated immediately north of Hong Kong.

CAPITAL CITY: Beijing

LARGEST CITY: Shanghai

CURRENCY: Chinese Yuan Renminibi (CNY)

ECONOMY: China's economy is a market-oriented economy that has a rapidly growing private sector and is a major player in the global economy. Since 1978, the economy has been restructured resulting in efficiency gains which have contributed to a more than tenfold increase in GDP. By the end of 2005 China had benefited from a huge expansion in computer Internet use, with more than 100 million users. In 2006 China was the second-largest economy in the world after the US. China's remarkable expansion in world trade is also due to foreign investment and has been an important factor in the growth of urban jobs. A long-term threat to growth is the deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table. Shenzhen is Southern China's major financial centre home to the Shenzhen Stock Exchange as well as the headquarters of numerous high-tech companies. Shenzhen is also the second busiest port in mainland China, ranking only after Shanghai.
Shenzhen has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Shenzhen is currently ranked 256 overall, most expensive place in the world for expatriates to live, out of 276 international locations. The cost of living overview for each of the 13 Basket Groups is as follows:

Alcohol & Tobacco costs for alcoholic beverages such as alcohol at bar, beer, locally produced spirit, whiskey, and wine as well as tobacco products such as cigarettes is equally expensive on average compared to other cities with a rank of 121 out of 276.

Clothing costs for clothing and footwear products such as business suits, casual clothing, childrens clothing and footwear, coats and hats, evening wear, shoe repairs, and underwear is relatively more expensive compared to other cities with a rank of 59 out of 276.

Communication costs for various communication costs such as home telephone rental and call charges, internet connection and service provider fees, mobile / cellular phone contract and calls is equally expensive on average compared to other cities with a rank of 107 out of 276.

Education costs such as creche / pre-school fees, high school / college fees, primary school fees, and tertiary study fees is relatively less expensive compared to other cities with a rank of 245 out of 276.

Furniture & Appliance costs for furniture, household equipment and household appliances such as dvd player, fridge freezer, iron, kettle, toaster, microwave, light bulbs, television, vacuum cleaner, and washing machine is equally expensive on average compared to other cities with a rank of 136 out of 276.

Grocery costs for food, non-alcoholic beverages and cleaning material items such as baby consumables, baked goods, baking, canned foods, cheese, cleaning products, dairy, fresh fruits, fresh vegetables, fruit juices, meat, oil & vinegars, pet food, pre-prepared meals, sauces, seafood, snacks, soft drinks, spices & herbs is relatively less expensive compared to other cities with a rank of 211 out of 276.

Healthcare costs for general healthcare, medical and medical insurance such as general practitioner consultation rates, hospital private ward daily rate, non-prescription medicine, and private medical insurance / medical aid contributions is relatively less expensive compared to other cities with a rank of 243 out of 276.

Household costs for housing, water, electricity, household gas, household fuels, local rates and residential taxes such as house / flat mortgage, house / flat rental, household electricity consumption, household gas / fuel consumption, household water consumption, and local property rates / taxes / levies is relatively less expensive compared to other cities with a rank of 232 out of 276.

Miscellaneous costs related to stationary, linen and general goods and services such as domestic help, dry cleaning, linen, office supplies, newspapers and magazines, and postage stamps is equally expensive on average compared to other cities with a rank of 168 out of 276.

Personal Care costs for personal care products and services such as cosmetics, hair care, moisturizer / sun block, nappies, pain relief tablets, toilet paper, toothpaste, and soap / shampoo / conditioner is relatively less expensive compared to other cities with a rank of 223 out of 276.

Recreation and Culture costs such as books, camera film, cinema ticket, DVD and CDs, sports goods, and theatre tickets is relatively less expensive compared to other cities with a rank of 244 out of 276.

Restaurants, Meals Out and Hotel costs such as business dinner, dinner at a restaurant (non fast food), hotel rates, take away drinks and snacks (fast food) is relatively less expensive compared to other cities with a rank of 259 out of 276.

Transport costs for public transport, vehicle costs, vehicle fuel, vehicle insurance and vehicle maintenance such as hire purchase / lease of vehicle, petrol / diesel, public transport service maintenance, tires, vehicle Insurance, and vehicle purchase is relatively less expensive compared to other cities with a rank of 271 out of 276.

Your exact customized cost of living index for Shenzhen is based on which of the above basket groups as well as the comparison location you select in the Calculators.

In terms of the hardship people are likely to experience, assessed in global terms, Shenzhen is ranked as a high degree of hardship location with a hardship index of 30%.

Your exact customized hardship index premium for Shenzhen is based on the comparison location that you select in the Calculators.