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Jiaxing, a city in East China's Zhejiang province, makes a list of developed third-tier cities in Asia. [Photo/WeChat account: jxfabu]

Jiaxing, a city in East China's Zhejiang province, made a list of the most developed third-tier cities in Asia, according to the recent Report on Asian Cities by the University of Tokyo.

The report classified 146 large Asian cities into six categories, including developed and standard first-tier cities, developed and standard second-tier cities, and developed and standard third-tier cities.

Tokyo, Beijing, Shanghai, Singapore, and Osaka occupy the top five places on the list of the most developed first-tier cities in Asia.

Jiaxing made the list because the city boasts a strong transportation network, as it is located in the center of the Yangtze River Delta (YRD) region and is directly accessible from Shanghai and Hangzhou, capital of Zhejiang.

Jiaxing ranks seventh among all 27 cities in the YRD region in terms of business environment and ranks first in business environment satisfaction, according to a recent report released at a forum on the business environment of the YRD region.

In addition, Jiaxing has a strong digital economy and is the permanent site of the World Internet Conference.

In 2019, the total added value among companies above designated size in the city's artificial intelligence and high-tech manufacturing industries increased 15 percent year-on-year, the fastest in Zhejiang.

Jiaxing also set a new record that year with an increase of 74,000 in its permanent resident population, placing it third in Zhejiang, after Hangzhou and Ningbo.

Moreover, in the first quarter of this year, the actual utilization of foreign capital in the city increased 11.93 percent year-on-year to $1.1 billion, and it introduced 15 new projects costing $100 million, more than any other city in Zhejiang.