Shenzhen surpasses US$338 billion GDP mark in 2017, beats Hong Kong and Singapore’s growth
Economic expansion dwarfs growth in neighbouring Hong Kong as city stakes more on research and development
The southern Chinese city of Shenzhen has marked an economic milestone, surpassing the 2 trillion yuan GDP mark with 8.8 per cent growth in 2017 to cement its role as an engine of the Pearl River Delta.
The city, which is roughly the same economic size as Singapore and Hong Kong, recorded nominal output of 2.2 trillion yuan (US$338 billion) in 2017 thanks to its booming hi-tech sector, state-run Shenzhen Special Zone Daily reported on Monday.
Over 40 per cent of the output came from “innovative” businesses such as internet, biotech and telecom, the report said.
Hong Kong’s gross domestic product was US$320 billion in 2016 and was estimated to rise 3.7 per cent last year, while Singapore’s economy was valued at US$297 billion in 2016 and may have grown 2.5 per cent last year.
Starting as a small fishing village in 1980, Shenzhen has grown from a sweatshop into a hi-tech hub home to 12 million people and a group of leading Chinese tech firms, including internet giant Tencent, telco Huawei and drone maker DJI.
