China’s Shenzhen reveals bold tech plans for an economic, industrial resurgence in 2024
- Southern tech hub grew by leaps and bounds over much of China last year, and now it intends to shoulder an even bigger share of the nation’s economic revival
- While aiming to counteract US-led tech restrictions, Shenzhen hopes to achieve huge industrial output of more than US$209 billion in strategic emerging industries this year
The southern city where China’s economic transformation began more than four decades ago, and which has seen its hi-tech industry become the bellwether for growth, is vowing to double down on efforts to shore up the sector as the nation strives to move up the industrial chain and counteract US-led tech restrictions.
Renowned for its cutting-edge industrial chains that have earned it the nickname “China’s Silicon Valley”, Shenzhen plans to achieve industrial output of more than 1.5 trillion yuan (US$209 billion) in its strategic emerging industries in 2024, which would represent a growth pace of more than 7 per cent.
That’s a lofty target, given the high base of comparison from 2023, when the tech hub’s strategic industries – including those specialising in new energy and artificial intelligence – grew by 8 per cent and accounted for 41.9 per cent of the city’s gross domestic product (GDP).
Shenzhen’s overall economy grew by 6 per cent in 2023, in line with its official target and outpacing both the 4.6 per cent growth in Guangzhou, the capital of Guangdong province, and the projected 3.2 per cent growth in Hong Kong, just across the border.
We have to break free of the West’s tech strangulation … and forge strong scientific and technological innovation
This year, Shenzhen aims to grow its economy by 5.5 per cent, city mayor Qin Weizhong said at a parliamentary meeting on Tuesday. That goal exceeds the anticipated 2024 growths set by Guangzhou and Shanghai of 5 per cent.
