SHENZHEN’S business sector was full of highlights in 2023, achieving a leap in both quality and quantity.

1. Global investment conference

The 2023 Shenzhen Global Investment Promotion Conference witnessed the signing of over 380 projects involving investments surpassing 1 trillion yuan (US$139.8 billion).

2. Foreign trade hits historic high

Shenzhen saw its foreign trade grow by 6.3% year on year to 3.51 trillion yuan during the January-November period in 2023. It is expected that the foreign trade volume for the whole year will exceed 3.8 trillion yuan, setting a new historical high for three consecutive years.

It is expected that goods exports for the whole year will exceed 2.4 trillion yuan for the first time to reach a record high, making Shenzhen the No.1 export powerhouse on the Chinese mainland for 31 consecutive years.

3. 10 million square meters of exhibition area

In 2023, a total of 195 exhibitions were held in Shenzhen throughout the year, with a total exhibition area of 10.3 million square meters, an increase of 237% year on year. It marked the first time that the city’s exhibition area had exceeded the 10-million-square-meter mark.

4. Cross-border e-commerce pilot zone

Shenzhen Cross-border E-commerce Comprehensive Pilot Zone is in the first echelon of the country, according to evaluation results released by the Ministry of Commerce in May 2023.

From January to November, the import and export volume of Shenzhen’s cross-border e-commerce reached a historic high, up by 74.7% year on year.

5. Retail sales of consumer goods

Shenzhen’s total retail sales of consumer goods are expected to exceed 1 trillion yuan in 2023. The city’s retail sales of consumer goods climbed 7.3% year on year to reach 950 billion yuan during the January-November period, official data showed.

6. Activities boost consumption

In 2023, the Shenzhen Municipal Commerce Bureau launched a package of policies and activities to spur consumption and boost consumer confidence.

During the 2023 Spring Festival holiday, Shenzhen issued digital currency worth 100 million yuan in red envelopes for catering consumption, which drove consumer spending in the catering industry to more than 730 million yuan. Over 711 consumption promotion activities were held during the 2023 Shenzhen Shopping Festival.

7. Foreign capital introduction reaches new level

The number of newly established foreign-funded enterprises in Shenzhen grew rapidly in 2023, with over 7,200 new foreign-funded enterprises established in the city from January to November, an increase of over 70% year on year. In the first 11 months, Shenzhen saw a significant increase in investment from the U.S., Singapore, and Switzerland.

8. Firms going global

From January to November, actual overseas investment by Shenzhen-based companies totaled US$10.78 billion. The turnover of foreign contracted projects reached US$10.52 billion, ranking first among domestic cities.

9. SZ-Singapore smart city collaboration

Fourteen new projects were launched at the 4th Singapore-China (Shenzhen) Smart City Initiative (SCI) Joint Implementation Committee meeting Dec. 14. Eight MOUs and four projects dedicated to smart city development were signed on the sidelines of SCI.

These new projects reflect the continued interest from enterprises on both sides to build on the SCI’s good momentum and seize new opportunities in the digital economy.

10. Brand building

On Dec. 21, 2023, the Ministry of Commerce announced a new batch of Chinese time-honored brands to be recognized, and four Shenzhen brands were included in the list. This was the first time that Shenzhen brands had been selected as Chinese time-honored brands.

In 2023, Shenzhen introduced over 1,000 first stores, flagship stores, and new concept stores. International brands from countries and regions such as the U.S., France, Italy, Sweden, and the U.K. flocked to Shenzhen to open stores.

(Zhang Yu)

SHENZHEN’S business sector was full of highlights in 2023, achieving a leap in both quality and quantity.

1. Global investment conference

The 2023 Shenzhen Global Investment Promotion Conference witnessed the signing of over 380 projects involving investments surpassing 1 trillion yuan (US$139.8 billion).

2. Foreign trade hits historic high

Shenzhen saw its foreign trade grow by 6.3% year on year to 3.51 trillion yuan during the January-November period in 2023. It is expected that the foreign trade volume for the whole year will exceed 3.8 trillion yuan, setting a new historical high for three consecutive years.

It is expected that goods exports for the whole year will exceed 2.4 trillion yuan for the first time to reach a record high, making Shenzhen the No.1 export powerhouse on the Chinese mainland for 31 consecutive years.

3. 10 million square meters of exhibition area

In 2023, a total of 195 exhibitions were held in Shenzhen throughout the year, with a total exhibition area of 10.3 million square meters, an increase of 237% year on year. It marked the first time that the city’s exhibition area had exceeded the 10-million-square-meter mark.

4. Cross-border e-commerce pilot zone

Shenzhen Cross-border E-commerce Comprehensive Pilot Zone is in the first echelon of the country, according to evaluation results released by the Ministry of Commerce in May 2023.

From January to November, the import and export volume of Shenzhen’s cross-border e-commerce reached a historic high, up by 74.7% year on year.

5. Retail sales of consumer goods

Shenzhen’s total retail sales of consumer goods are expected to exceed 1 trillion yuan in 2023. The city’s retail sales of consumer goods climbed 7.3% year on year to reach 950 billion yuan during the January-November period, official data showed.

6. Activities boost consumption

In 2023, the Shenzhen Municipal Commerce Bureau launched a package of policies and activities to spur consumption and boost consumer confidence.

During the 2023 Spring Festival holiday, Shenzhen issued digital currency worth 100 million yuan in red envelopes for catering consumption, which drove consumer spending in the catering industry to more than 730 million yuan. Over 711 consumption promotion activities were held during the 2023 Shenzhen Shopping Festival.

7. Foreign capital introduction reaches new level

The number of newly established foreign-funded enterprises in Shenzhen grew rapidly in 2023, with over 7,200 new foreign-funded enterprises established in the city from January to November, an increase of over 70% year on year. In the first 11 months, Shenzhen saw a significant increase in investment from the U.S., Singapore, and Switzerland.

8. Firms going global

From January to November, actual overseas investment by Shenzhen-based companies totaled US$10.78 billion. The turnover of foreign contracted projects reached US$10.52 billion, ranking first among domestic cities.

9. SZ-Singapore smart city collaboration

Fourteen new projects were launched at the 4th Singapore-China (Shenzhen) Smart City Initiative (SCI) Joint Implementation Committee meeting Dec. 14. Eight MOUs and four projects dedicated to smart city development were signed on the sidelines of SCI.

These new projects reflect the continued interest from enterprises on both sides to build on the SCI’s good momentum and seize new opportunities in the digital economy.

10. Brand building

On Dec. 21, 2023, the Ministry of Commerce announced a new batch of Chinese time-honored brands to be recognized, and four Shenzhen brands were included in the list. This was the first time that Shenzhen brands had been selected as Chinese time-honored brands.

In 2023, Shenzhen introduced over 1,000 first stores, flagship stores, and new concept stores. International brands from countries and regions such as the U.S., France, Italy, Sweden, and the U.K. flocked to Shenzhen to open stores.

(Zhang Yu)