(Yicai Global) March 2 -- Shenzhen, the south China city lauded as the nation's very own Silicon Valley, ranked number one in the latest business environment rankings published by state-owned news agency Xinhua.

Xinhua Index Co. unveiled the top 10 cities during the China Entrepreneurs Forum, held in Yabuli, Heilongjiang province, from Feb. 27 through March 1. Shenzhen was followed by Hangzhou, Guangzhou, Wuhan, Chengdu, Nanjing, Xiamen, Hefei, Suzhou and Wuxi.

The China Business Environment Index, started this year, measures the openness and fairness of business settings in Chinese cities, but excludes the four municipalities directly controlled by the central government: Beijing, Tianjin, Shanghai and Chongqing.

Shenzhen is a pioneer in its pursuit of reform and opening up, said Yang Mu, chairman of Xinhua Index. Hangzhou has become a leader in online innovation, while other top-10 cities have made strides in bringing in new talent, he added.

The index factors in human, online and innovative capital, operational efficiency, fairness, transparency, stability and capital funds. The top cities stood out from others in terms of streamlined government administration, delegation, tax cuts and reduced fees, intellectual property protection and internationalization.