Tokyo has retained its title the world's most expensive city, and Beijing has fallen 17 places to world No.63, according to a survey released Monday by London's Economist Intelligence Unit.

In the biannual Worldwide Cost of Living Survey, Shanghai for the first time surpasses Beijing as the most expensive city in China, ranking at No.54. Dalian, Guangzhou and Shenzhen are all in the top 100.

The survey compares the cost of a representative basket of goods and services in dollar terms for more than 130 cities worldwide as a guidance to calculate executive allowances

Chinese cities saw the most significant drop in the rankings. Researchers attribute it to China's decision to unpeg the yuan from the dollar and the falling prices of Western consumer items.

The world's second most expensive is Oslo, and the third is Osaka.

(CRI August 10, 2005)