Chart of the Day: Shenzhen Overtakes Hong Kong
Four decades ago it was a fishing village — but today the Guangdong province metropolis of Shenzhen has grown to be worth 2.42 trillion yuan ($363.6 billion), making it a whisker bigger than the neighboring trade port of Hong Kong.
Hong Kong has been hit hard by the U.S.-China trade war, and saw its gross domestic product grow 3% to HK$2.85 trillion ($363 billion) last year, according to the annual budget revealed by Hong Kong Financial Secretary Paul Chan Mo-po on Wednesday.
Hong Kong's Census and Statistics Department put the exchange rate for the year at HK$1.1855 to the yuan. By that measure the city’s economy was worth 2.40 trillion yuan, 22.1 billion yuan less than Shenzhen.
Shenzhen reported (link in Chinese) economic growth of 7.6% early February.
Chan said brewing trade tensions had weakened global growth in the second half last year. “External pressures” caused Hong Kong’s economy to grow 1.3% last quarter, its slowest pace since 2016, and outbound shipments declined 0.2% for the same period.
Meanwhile in Shenzhen, output from companies with annual revenue of 20 million yuan or more from their main business operations rose by 9.5% to 911 billion yuan in 2018, led by advanced and high-tech manufacturing.
Contact reporter Tang Ziyi (firstname.lastname@example.org)
Sep 30 05:44 PM
Sep 30 05:19 PM
Sep 30 04:44 PM
Sep 30 02:29 PM
Sep 30 02:00 PM
Sep 30 01:47 PM
Sep 30 11:59 AM
Sep 29 05:36 PM
Sep 29 05:23 PM
Sep 29 12:43 PM
Sep 29 12:36 PM
Sep 28 07:00 PM
Sep 28 03:53 PM
Sep 28 02:24 PM
Sep 28 12:22 PM
- 1In Depth: Experimental International Reactor Powers China’s Dreams of Limitless Energy
- 2In Depth: Will Huawei Become China’s Tesla Challenger?
- 3China Developer Evergrande Denies It’s Seeking Government Support
- 4Exclusive: Former Citic Bank Vice President Sentenced to 12 Years for Bribery
- 5Gallery: Snow Blankets Iconic Mountain Lake
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas