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Shenzhen is showing rapid economic development backed by active technological innovation.

Shenzhen is showing rapid economic development backed by active technological innovation.


Shenzhen scenery Photo: VCG

As a special economic zone and a city flourishing with science and technology, Shenzhen, located in southern China's Guangdong province, is not only an economic frontrunner, but also a great “mirror'' of China's rapid technological innovation and economic development.

Shenzhen's development has been the subject of many questions over the past few decades, but the city has always responded by resolving doubts by achieving rapid development with both headwinds and tailwinds.

Shenzhen represents the birth of new high-quality production forces, new systems, and new and creative policies. This is the best window to observe the changes in China's economic development. A closer look at Shenzhen's economic growth provides evidence of China's stable and high-quality development.

Shenzhen's rapid rise demonstrates the strength of China's ability to achieve high-quality economic breakthroughs and strengthens public confidence in the country's economic creativity and capabilities.

Despite the challenges posed by a lackluster global economy and an increasingly complex and uncertain global environment, China's economy managed to achieve growth of 5.2% in 2023. During the same period, Shenzhen's gross domestic product (GDP) reached 3.46 trillion yuan ($480 billion), equivalent to 6% of the global economy. Its year-on-year growth rate is the highest among first-class cities in China, outpacing the growth of Beijing, Shanghai, and Guangzhou.

In 2023, Shenzhen's strong retail sector has become a new major driver of economic growth. Last year, the total retail sales of consumer goods reached 1.5 trillion yuan, an increase of 7.8% compared to 2022, officially joining the club of 1 trillion yuan cities in China.

From the perspective of industrial structure, Shenzhen City views the development of strategic emerging industries and the cultivation of future industries as an important means to accelerate the formation of new high-quality production forces, and has established advanced manufacturing as the backbone. Coordinating the construction of industrial clusters.

By 2023, Shenzhen's strategic emerging industries will have achieved an added value of 1.45 trillion yuan, accounting for 41.9% of the city's GDP, with a year-on-year growth rate of 8.8%. When it comes to emerging industries, Shenzhen is boldly making forward-looking layouts in cutting-edge technological innovations.

New technologies are widely used in Shenzhen, contributing to the formation of new industries in China. Headquartered in Shenzhen, BGI Genomics has been a leader in the global genetic technology field. Tencent, a Fortune Global 500 company, has played an important role in promoting the development of China's digital economy. DJI is expanding into the global market from Shenzhen, promoting the development and growth of China's drone industry.

Shenzhen's sustained economic growth highlights the great potential of China's economy and reflects promising prospects for continued growth and continuous improvement in China's future development.

Innovation is the main driving force behind Shenzhen's development and has become the city's vitality source. Innovation is Shenzhen's characteristic and plays an important role in Shenzhen's development. Similarly, innovation is essential for the overall development of China's economy. There is a need to put more emphasis on technological innovation at the national level and develop new high-quality production capabilities.

Shenzhen's economic vitality depends not only on innovation, but also on the prosperity of its private economy. Shenzhen focuses on the common problems faced by private enterprises, supports the development of private enterprises through the construction of large-scale projects, stimulates the vitality of technological innovation, opens up application scenarios, and expands overseas markets. ing.

Shenzhen's development is based on reforms undertaken in response to the demands of China's market economy. As a pilot city for business environment improvement, Shenzhen proposes to accelerate the construction of a market-oriented, rule-based, internationalized, and first-class business environment.

The success of Shenzhen's economy is also due to its continued efforts to expand opening up. To promote consistency with international rules, Shenzhen established an international court of arbitration to help businesses adapt and collaborate with international rules.

Aiming for high-quality development, Shenzhen is focusing on building industrial technology innovation centers, playing the role of an incubator that leads China's technological progress, and contributing to China's future development.

Currently, China has a number of emerging technology-centered cities with development advantages, such as Dongguan in southern China's Guangdong province, Suzhou in eastern China's Jiangsu province, and Qingdao in eastern China's Shandong province. These cities actively support technological innovation, private sector growth, and the cultivation of new high-quality productive capacity, which will further stimulate the vitality and momentum of China's development.

China's economy is undergoing a period of steady recovery and structural adjustment, with ample potential for endogenous dynamism and plenty of room for continued growth. As long as China focuses on solving all problems in the process of development, adheres to openness and high-value innovation, and continuously develops new high-quality productive forces, the Chinese economy will reach the “peak” in the near future. There is no reason to reach .

Mr. Fan Gan is the director of the China Development Institute (CDI) in Shenzhen. Cao Zhongxiong is the vice president of his CDI. [email protected]




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