Caixin
Aug 19, 2019 08:36 PM
DAILY CHART

Charts of the Day: China Wants to Make Shenzhen an Example to the World

China wants to build Shenzhen into a city with world-class economic competitiveness and innovation to support its creation of the Greater Bay Area, a mega city-cluster in southern China that includes Hong Kong and Macau.

The goal is to make Shenzhen one of the top global cities in terms of its economy and research and development capabilities by 2025, according to a document issued by the Communist Party of China and the State Council, the official Xinhua News Agency reported (link in Chinese) on Sunday. By midcentury, China hopes Shenzhen will serve as an example for all other cities in the world in terms of its economic competitiveness, influence and innovation capabilities.

The announcement came after Hong Kong slashed its 2019 growth forecast last week to between 0% and 1% as it faced the impacts of a global slowdown, the China-U.S. trade war and mass protests that have gripped the city in past weeks.

Shenzhen’s economy has grown in importance to the country over the past few years. The city in South China’s Guangdong province is the country’s third-largest metropolis with a 1.21 trillion yuan ($172.9 billion) gross domestic product (GDP) (link in Chinese) in the first half of 2019, after Shanghai and Beijing. Its economy expanded by 7.4% year-on-year in the first six months, faster than the national economy, which grew 6.3%.

1

Shenzhen’s annual GDP overtook Hong Kong for the first time in 2018.

Shenzhen’s population surpassed 13 million at the end of 2018, and its population of primary school students reached 1.03 million, surpassing that of Beijing and Shanghai for the fourth consecutive year, official data show. The city’s average home price increased to 55,400 yuan per square meter, more than double what it was four years before.

1


3

Shenzhen was established as China’s first special economic zone after the reform era began in 1978, making it one of the country’s first cities to open up to the global economy.

China’s State Council announced the guidelines for the Greater Bay Area in February. The plan is to transform the region into a world-class city cluster to rival the famous bay areas around Tokyo, New York and San Francisco.

Contact reporter Liu Jiefei (jiefeiliu@caixin.com)

loadingImg
Register to read this article for free.
Register
Share this article
Open WeChat and scan the QR code
GALLERY