In the first half (H1) of this year, Shenzhen’s industrial investment increased by 47.5% year on year, of which manufacturing investment grew by 54.2%, according to official data released by the Shenzhen Municipal Statistics Bureau.
Shenzhen’s gross domestic product (GDP) in H1 reached a staggering 1.63 trillion yuan (US$227.9 billion), up 6.3% year on year. The added value of enterprises above a designated size — enterprises with an annual revenue of 20 million yuan or more — increased by 3.9% compared to the previous year, the data showed.
Shenzhen has been focusing on nurturing 20 strategic emerging industrial clusters and eight major development directions for future industries, with advanced manufacturing as the primary driver, aiming to build a robust industrial foundation and foster innovation across various sectors, according to a report in Shenzhen Special Zone Daily.
“The overall development of Shenzhen’s industrial clusters has shown steady progress, with the emergence of new technologies and products contributing to its high-quality development,” Liu Xinghe, a researcher from China Development Institute, was quoted as saying in the Daily report.
The drone industry is one of the representatives of advanced manufacturing. Shenzhen-based drone marker DJI’s innovative products occupy a substantial share of the global market, according to the report.
Shenzhen’s new energy industry, led by BYD, has also made significant contributions to the city’s growth. TrendForce data reveals that one in every six new energy vehicles worldwide is manufactured by BYD.
According to the recently released list of the fifth batch of national-level “l(fā)ittle giant” firms, Shenzhen has seen an impressive addition of 310 new “l(fā)ittle giant” enterprises that use special and sophisticated technologies to produce novel and unique products, ranking first among municipalities with independent planning status in the country.
These “l(fā)ittle giant” firms, along with other leading manufacturing enterprises in Shenzhen such as Huawei and BYD, have injected vitality and momentum into the city’s manufacturing industry, according to Liu.