On its founding anniversary, the SEZ was empowered to introduce a new round of sweeping reforms; it was granted greater autonomy in deciding matters regarding business environment, technological innovation, market access, and city governance among others. A new development blueprint is rolling out for the city, also marking the start of the country’s new journey of building itself into a modern socialist country.
A Development Miracle
The Shenzhen SEZ has been carrying the arduous task of reform since its inception. Over the past 40 years, it has drafted and implemented as many as 1,000 innovative reform measures to unleash the vitality of the city and build up its global competitiveness in technologies and industries. In 2019, the city’s high-tech sector generated an output of RMB 2.6 trillion with the added value exceeding RMB 920 billion, symbolizing that the sector had emerged as the pillar industry of the city. As a matter of fact, a total of RMB 132.8 billion, or 4.9 percent of its GDP, was invested in research and development, putting it on the top list of the country. In addition to this, the city has seen 17,500 international patents filed, accounting for one third of the national total. Shenzhen has also nurtured some world leading technology firms including Huawei, DJI, and Tencent. Reform and innovation has boosted productivity and enabled Shenzhen to grow by leaps and bounds. The city’s economy expanded exponentially from RMB 270 million in 1980 to RMB 2.7 trillion in 2019, the fifth largest among cities in Asia, with an average annual growth of 20.7 percent.
This story is from the December 2020 edition of China Today (English).
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This story is from the December 2020 edition of China Today (English).
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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