Shenzhen’s overall economic growth rate in 2023 was 6%, in line with the official target and higher than the 4.6% growth in Guangzhou, the capital of Guangdong province, and the expected 3.2% growth in Hong Kong, just across the border. .
We must free ourselves from the technological stranglehold of the Western world and build strong scientific and technological innovation
Mayor Qin Weizhong said at a council meeting on Tuesday that Shenzhen aims for an economic growth rate of 5.5% this year. This target exceeds the expected growth rate of 5% for 2024 set by Guangzhou and Shanghai.
The strategies mentioned refer to Washington’s bans or restrictions on the export of high-tech products to China and related flows of investment and talent.
Shenzhen city releases 20-point plan to boost funding for local technology companies
Shenzhen city releases 20-point plan to boost funding for local technology companies
“Shenzhen was the first.” [municipal] A victim of the US-China high-tech war, this shows that this city has the ability to even influence the global market,” said Peng Peng, executive chairman of the Guangdong Reform Association.
“Therefore, Shenzhen has a very urgent task of stabilizing China’s industry and supply chain, and needs to provide industrial upgrading experience nationwide,” Peng added, adding that the city’s new He noted that technological reform plans remain closely linked to broader social change. The world’s second largest economy.
According to a government report, Shenzhen aims to further strengthen its key industries, including those dealing with communications and smart devices, while also expanding its potential to include connected vehicles, aerospace and drones. We are exploring the prospects of emerging fields such as the low-altitude economy. And even flying cars.
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In addition to striving to further develop automobiles, semiconductors, and high-end precision equipment, we are also working to foster future industries such as intelligent robots, synthetic biology, brain science, cytogenetics, and quantum information.
The Greater Bay Area is the central government’s ambitious plan to link the cities of Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub. Point.
In addition, Shenzhen intends to “add more than 20 high-end scientific research institutions, enterprise research and development centers, and high-level scientific research teams,” but details are still lacking.
Given external uncertainties in the environment, Shenzhen may play a greater role in balancing with Western countries
Last year, Shenzhen’s exports of “three new products” (electric vehicles, solar cells, and lithium batteries) increased by 33.9%, exceeding the national level of 29.9% and the 19.7% recorded in the Yangtze River Delta. It is another major manufacturing hub and economic driver of China.
The “new three” reflects the shift away from the “old three pillars” of China’s exports, which consisted of clothing, home appliances, and furniture.
“Shenzhen’s growth target will be lowered by 0.5 percentage points” [for 2024] “This is because last year’s base was higher, but the targets for fixed asset investment, retail sales and trade are very similar,” Peng said.
“Thus, given all the external uncertainties in the environment, Shenzhen could play an even greater role for the country as a whole, both in the GBA and even in science and technology innovation, as well as in balance with Western countries. ” Peng added.