Roar of Shenzhen economic engine reflects upgrade ambitions, sets ‘good example for China’
China’s tech hub saw its GDP growth outpace major economic regions in the first three quarters of the year
With China’s tech hub reporting higher-than-average economic growth, analysts see the city’s growth path and resilience as a means of countering various challenges, including the threat of amped-up containment measures by the United States.
Shenzhen, a city of 17.8 million people just across the border from Hong Kong, saw its gross domestic product increase by 5.4 per cent over the year’s first three quarters while outpacing the country’s overall growth for the same period, according to an online statement by the city government on Tuesday.
In addition to being considerably higher than the 2 per cent growth seen in the provincial capital Guangzhou over the period, Shenzhen’s economic expansion rate also surpassed that seen in the tier-one cities of Beijing and Shanghai, whose GDPs respectively grew by 5.1 and 4.7 per cent.
“Shenzhen is ambitious and committed to upgrading its industries, despite technological decoupling and protectionist pressures from the US,” said Peng Peng, executive chairman of the Guangdong Society of Reform.
In the face of such geopolitical risks, he added, “it is setting a good example for China”.
Shenzhen, often referred to as “China’s Silicon Valley”, is renowned for its advanced industrial chain and is home to industry giants such as Huawei Technologies, BYD, and DJI.
