2. Qingdao
Population: 8.5 million
Because of its proximity to Japan and Korea and its roots as a German colony, Qingdao was a natural destination for foreign investment starting in the late 1970s. Today the city is a prime tourist destination, with a beer festival and a yacht culture. But it isn't exactly Nantucket: This year its busy port will open the world's largest iron ore terminal.
NEXT: 3. Shenzhen
Last updated October 13 2010: 8:56 PM ET
Ernst & Young eyes Chinese market
