SHENZHEN will build no less than 20 million square meters of industrial spaces each year in the next five consecutive years, sources announced at the signing ceremony for constructing multifloor factories Wednesday.

Shenzhen strides on the construction of multifloor factories to provide more industrial spaces with high-quality and affordable rental prices to help boost companies’ confidence on investment.

The multifloor factories are the city’s innovative breakthrough to fix the shortage of industrial spaces and satisfy the needs of manufacturing’s high-quality development.

The projects will be built into the spaces that fit employees’ needs in work and life, providing enough space for high-standard plants, as well as space for research, shopping, fitness and greenery. It aims to establish innovative areas friendly to entrepreneurs, which can trigger the youth’s innovation, attract social capital and incubate startups.

Shenzhen is a global manufacturing powerhouse, and in 2021, the output of the city’s industrial enterprises above designated size reached 4 trillion yuan (US$561.16 billion), the top among Chinese cities for a third time in a row. The city’s industrial added value reached 1 trillion yuan last year. And for the first three quarters this year, its industrial added value went up by 6.2% and the added value of strategic emerging industries went up by 7.5% year on year.

The added value of the city’s strategic emerging industries is expected to exceed 1.5 trillion yuan by 2025, aiming to become Shenzhen’s main engine in promoting economic and social development.

Shenzhen will focus on developing 20 globally competitive strategic emerging industrial clusters and fostering eight future industries to gain an edge in these industries, according to the guidelines the city issued in June.

Under the document, Shenzhen plans to build 20 advanced manufacturing parks with a total area of over 300 square kilometers in Bao’an, Guangming, Longhua, Longgang and Pingshan districts and Shenshan Special Cooperation Zone. Currently, the city has put forward construction of some multifloor projects, including Xinqiaodong advanced manufacturing park in Bao’an and Nanshan Honghualing Base.

An expert from the China Development Institute said that Shenzhen will keep providing a fair, transparent and favorable business environment to help enterprises concentrate on manufacturing by helping them lower costs.

(Chen Siqi)