Shenzhen Exemplifies Rapid Economic Rise on The Back of Tech Innovation
Author: Fan Gang, President of CDI and Cao Zhongxiong, Assistant President of CDI.
As a special economic zone and a city blossoming on science and technology, Shenzhen, in South China’s Guangdong Province, is not only an economic front-runner, but also a great “mirror” illustrating China’s quick pace of technology innovation and economic development.
The development of Shenzhen has been subject to questioning on many occasions in the past decades, but the city has always responded by ironing out the doubts through its rapid development in both headwinds and tailwinds.
Shenzhen represents new quality productive forces, new systems, as well as birth of new and creative policies. It is the best window to observe the transformation of China’s economic development. A more in-depth examination of Shenzhen’s economic growth can offer proof of the stable and high-quality development of China.
Shenzhen’s rapid rise demonstrates the strength of China’s ability to achieve quality breakthroughs in its economic development, reinforcing public confidence in the country’s economic creativity and capability.
Despite the challenges posed by the lackluster global economy and an increasingly complex and uncertain world environment, China’s economy managed to achieve 5.2 percent growth in 2023. During the same period, Shenzhen’s local GDP reached 3.46 trillion yuan ($480 billion), representing a 6 percent year-on-year increase, ranking first among the first-tier cities in China, outpacing the growth of Beijing, Shanghai and Guangzhou.
In 2023, Shenzhen’s strong retail sector has become a major new driving force for economic growth. Total retail sales of consumer goods reached 1.05 trillion yuan last year, an increase of 7.8 percent over 2022, officially entering the club of Chinese cities with one-trillion-yuan consumption.
From the perspective of industrial structure, Shenzhen regards the development of strategic emerging industries and the cultivation of future industries as…
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Author: Cao Zhongxiong, Assistant President of CDI.
Despite the challenges posed by the lackluster global economy and an increasingly complex, severe, and uncertain external environment, China’s economy managed to achieve 5.2 percent growth in 2023. This growth contributed over 30 percent to global economic growth, solidifying China’s role as a crucial engine for global economic expansion.…