Shenzhen Attains Annual GDP Growth Target Exceeding 1 Trillion Yuan
With the rapid growth in emerging high tech industries, Shenzhen’s GDP will exceed 1 trillion yuan for the first time this year after the city attained its goal of 10 percent annual growth. In the first three quarters of this year, the city’s GDP grew by 9.8 percent and annual growth is set to fulfill the target of 10 percent. Lat year, Shenzhen’s GDP rose 12 percent, ranking fourth among all mainland cities.
The city’s four industries namely high tech, logistics, finance and culture lent a hand in contributing to half of the GDP. The strategic emerging industries are fast becoming the new growth points in the economy with growth rates in biopharmacy, new energy and Internet having exceeded 20 percent.
The city’s consumption investments and exports have been strong this year, in just ten months retail sales in the city have reached 288 billion yuan, a 17.8 percent increase, which is also the first time in five years that growth of retail sales overtook the average rate of the country or the province.
Shenzhen’s fixed asset investments are also expected to exceed 200 billion yuan for the first time this year and in the city’s history. Shenzhen has also maintained its place in Chinese export rankings.