Photo taken on May 17 shows a big screen at the Luojiazhuang market in Hangzhou that displays real-time transactions, passenger flow and other related information. The market was the first in Zhejiang province to be upgraded with 5G technology. [Photo/Xinhua]

Hangzhou in East China's Zhejiang province was ranked third among 15 new first-tier cities listed by business publication Yicai Magazine on May 29. Ranked in first and second place are Chengdu and Chongqing.

The evaluation criteria came from big data technologies and included factors such as commercial resources, transportation links, urban vitality, ways of living and future development.

Hangzhou and Chengdu have been neck and neck in terms of urban vitality for the past few years, with the eastern city showing vigor in consumption power and the southwestern city achieving considerable progress in night economy.

The Zhejiang provincial capital also led the list in terms of future development, with its dedication to inter-city cooperation contributing much to this aspect. Hangzhou has answered the nation's call to strengthen connection among cities in the Yangtze River Delta region and the large number of high-tech companies gathering in the region have helped the city excel in creating an open, innovative and welcoming environment.