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Shenzhen’s GDP grew by 6 percent in 2023

That was the top performance among China’s first-tier cities and, according to Shenzhen’s mayor, bodes well for the Greater Bay Area.

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UPDATED: 02 Feb 2024, 7:22 am

Official figures show Shenzhen’s gross domestic product (GDP) grew by 6 percent last year, reaching a record high of 3.46 trillion yuan (US$487 billion), the China News Service reports.

The figure is up from 3.3 percent growth in 2022, and more than the 5.5 percent the city had set as its target for 2024.

In 2023, Shenzhen’s economy performed better than China’s other three first-tier cities – defined as those with a GDP of over US$300 billion, and currently including Beijing, Shanghai and Guangzhou. The southern tech hub also came in as the country’s top exporter by volume for the 31st year in a row, with its export volume increasing by 12.5 percent last year.

[See more: Shenzhen’s e-commerce export sector saw massive growth last year]

At the recent annual session of the Shenzhen people’s congress, the city’s Mayor Qin Weizhong said he would strive for more developmental breakthroughs in the Greater Bay Area (GBA) this year. He listed several measures being taken to enhance cooperation with neighbouring Hong Kong, including new cross-border railways and pilot zones for innovative cross-border renminbi payment services.

A director of the China Development Institute, a Shenzhen-based think tank, highlighted the importance of “new industrialisation” to growth in both Shenzhen and the broader GBA. 

Yu Lingqu described new industrialisation as intelligent, green manufacturing that integrates with service industries. He said it spanned new energy, intelligent vehicles, and the low-altitude and aerospace economies.

UPDATED: 02 Feb 2024, 7:22 am

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