# trade risk

China’s Urban Order Shifts: Beijing Hits New Milestone as Provincial Capitals Close the Gap

Beijing became the second mainland city to top RMB 5 trillion in 2025, while the top‑ten city framework stayed largely intact. Substantial movement occurred below the summit: provincial capitals strengthened, export‑dependent ports like Ningbo underperformed, and resource or legacy industrial cities proved volatile, highlighting the shift toward consumption, services and technological upgrading.