September 3, 2004 . A long-ago favorite of Marco Polo, the eastern city of Hangzhou came in first in a ranking of China's best places for business. Forbes China's poll takes into account market size, the percentage of the work force with a college degree, the cost of doing business and transportation infrastructure. Reflecting the cost of the growing importance of entrepreneurial spirit in China's economy, the list also factors in a city's success at attracting new investment from private companies.