Wei Jie

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SHENZHEN’S GDP increased from 2.78 trillion yuan (US$395 billion) in 2020 to 3.68 trillion yuan in 2024, averaging an annual growth rate of 5.5%, which led all of China’s first-tier cities, Mayor Qin Weizhong said at a press conference about high-quality development Thursday.

The city made significant achievements in economic and social development during the 14th Five-Year Plan (2021-2025), achieving multiple national “firsts,” according to the mayor.

Qin said Shenzhen’s economic strength and productivity have risen markedly, with major breakthroughs made in science and technology.

The city’s total R&D expenditure rose from 151 billion yuan in 2020 to 245 billion yuan in 2024 — an average annual increase of 12.9% — placing Shenzhen second nationwide by total R&D spending and first by R&D intensity, which was 6.67%. Corporate R&D accounted for more than 93% of the total, topping the country.

The Shenzhen–Hong Kong–Guangzhou innovation cluster climbed to the top spot in the latest Global Innovation Index ranking, and PCT international patent filings led all Chinese cities for the 22nd consecutive year in 2024.

Shenzhen’s foreign trade expanded from 3.05 trillion yuan in 2020 to 4.5 trillion yuan in 2024, ranking first in the country.

The city is home to 1,333 national-level “specialized, refined, differentiated, and innovative” small-giant firms, 592 domestic and overseas listed companies, and 42 unicorns — all ranking among national leaders.

Shenzhen’s urban infrastructure and services also advanced significantly. The city’s Metro network now exceeds 600 kilometers and has the highest passenger flow intensity among mega cities in the country.

Shenzhen has accelerated construction of a market-oriented, law-based, internationalized, first-class business environment, and the number of market entities remains the highest in the country.

It has become the world’s first city in which ultra-fast EV supercharging stations and charging guns outnumber traditional gas stations and pumps.

During the five years, the city’s cumulative spending on projects improving people’s well-being reached 1.6 trillion yuan, accounting for nearly 70% of its fiscal expenditure.

During the period, expansions of compulsory education seats, hospital beds, and government-subsidized housing exceeded or nearly matched the totals of the previous two five-year plans combined.