Russell Flannery at Forbes for 19Sep05 has his top ten recommendations:

1. Hangzhou: Capital of Zheijang providence; home of Internet firm Alibaba that Yahoo just invested 40% into the company; plus a textile powerhouse; Marco Polo favorite
2. Wuxi: Industrial hub near Shanghai
3. Shanghai: China’s international business center; massive travel expo in 2006
4. Dalian: Popular amoung Japanese investors
5. Beijing: Hosting the 2008 Summer Olympics
6. Suzhou: Mutlinational manufacturing mecca
7. Ningbo: Big port rivals nearby Shanghai
8. Nanjing: Military city finds new success
9. Guangzhou: New airport boosts appeal
10. Shenzhen: Booming Hong Kong border city

The ranking process looked at: market size, transportation infrastructure, success in attracting private investment, and "other factors."