Shenzhen, in keeping with its development as a modern city, has built a new industrial infrastructure, with high-tech industry and advanced manufacturing as its base and modern tertiary industry as its backbone.
In 2008, the GDP reached a record high of 780.65 billion yuan, an increase of 12.1% over 2007. Shenzhen's economic output is ranked fourth among the 659 Chinese cities (behind Beijing, Shanghai and Guangzhou), and it is comparable to that of a medium sized province in China. In 2008, Shenzhen's GDP per capita was 89,814 yuan (US$13,153), making it one of the richest of all Chinese cities.
Shenzhen has formed a modern industrial "aircraft carrier group", which has the high-tech industry as its "aircraft carrier", and other advanced industries as its "escort ships". Shenzhen has 34 industrial sectors. Of its 1,000-plus industrial products, 30 are in lead position in China in terms of total output. The following are some of the city's products, which have notched up a large share of domestic and international markets: containers, 38% globally; hard drives, 50% domestically and 10% globally; computer magnetic heads, 60% globally; laser pickups, 60% globally; program-controlled switching boards, 40% domestically; gene hepatitis B vaccine, 51% domestically; clocks and watches, 45% globally; and gold jewelry, 70% domestically.
|Sector||Unit||Gross of First and Second Quarter||Rate of Growth ±%|
|Gross Domestic Product||100 Million Yuan||3631.69||8.5|
|Primary Industry||100 Million Yuan||2.94||-23.2|
|Secondary Industry||100 Million Yuan||1629.56||4.9|
|# Industry||100 Million Yuan||1536.15||4.6|
|Tertiary Industry||100 Million Yuan||1999.19||12.1|
|#Transportation and Post||100 Million Yuan||162.31||9.2|
|Wholesale and Retail||100 Million Yuan||389.91||11|
|Lodging and Catering||100 Million Yuan||79.11||11.8|
|Finance and Insurance||100 Million Yuan||490.5||19.3|
|Real Estate||100 Million Yuan||275.63||29.1|
|Others||100 Million Yuan||601.73||3|
Shenzhen is striving to improve its basic economic system, which takes public ownership as its main body and encourages joint development of multiple forms of ownership. The city has cultivated a number of large-scale State-owned enterprises and listed companies, which are domestically and internationally competitive. While striving to attract more foreign investment, Shenzhen endeavors to standardize rural collective share-holding enterprises, and encourage the development of private and individual businesses, with priority given to the development of private high-tech enterprises. The ownership of State-owned enterprises is being diversified.
Since the mid-1990s, Shenzhen has focused on seven major industries, which include computer software, IT, microelectronics and components, video and audio products, electro-mechanical integration, and key projects of light industry and energy. Meanwhile, new industries, such as pharmaceuticals, medical equipment, biotechnology and new materials, have grown rapidly.
Electronics and telecom equipment manufacturing is the city's largest industry, with modern equipment making (spearheaded by machinery making) the second-largest industry.
Shenzhen has more than 1,200 garment brands. Traditional industries, such as leather, gold and jewelry, machinery, furniture, toy, printing, clock and watch, continue to grow rapidly.
Shenzhen was the first city in China to engage in the gold and jewelry processing business. Its business turnover has accounted for 70 percent of the domestic market. More than 1,100 gold and jewelry enterprises in Shenzhen are working to expand and integrate the industry and develop a series of brands.