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Haven taken the "Industry First" approach, Shenzhen has formed four pillar industries, including hi-tech manufacturing, logistics, finance, and cultural industry. In 2013, the city’s GDP peaked at 230 billion USD. Its GDP per capita has now exceeded 22,000 USD, which makes Shenzhen 1st in all of Mainland.

High-Tech Industry

In the past 30 years or so, the high-tech industry has gradually evolved into the chief growth driver and the biggest pillar industry of the city's economy. Shenzhen is on the way to becoming one of China's most important bases for high-tech industrialization, and an innovation-driven city. The high-tech industry has developed considerably and formed a high-tech industrial cluster led by the electronic information sector, making Shenzhen a key base for the industrialization of high-tech R&D and production.

The three leading high-tech sectors of Shenzhen are electronic information, biopharmaceuticals, and new energy and new materials.

In terms of electronic information, Shenzhen has formed an electronic information industrial cluster represented by computer, communications, and micro-electronics. During 2013, 15 enterprises in the city were listed in the top 100 electronic information enterprises in China. The fast rise of a large number of electronic information enterprises in Shenzhen has reflected the overall strength of the city's electronic information industry, and demonstrated the powerful image of the sector. Eminent players in the sector include Huawei, ZTE, Tencent, Great Wall Computer, Skyworth, Konka, Huaqiang Holdings, Seg, Yulong Computer, and Kingdee.

In terms of biopharmaceuticals, the city's biotechnology industry has built a relatively large production scale, attained first-class levelsnationwide in respect of production technology, production facilities and detection conditions, and possesses great advantages over its domestic peers. Shenzhen has commanded the high ground for the development of the biopharmaceutical industry.

In terms of new energy and new materials, the industry has developed rapidly, as one of the three high-tech pillar sectors of Shenzhen. The Shenzhen New Energy and New Materials Industry Union was officially founded in 2013, which promotes technological progress and industrialization in the sector. By establishing a resource sharing mechanism for production, study and research information, the union is committed to establishing clear communication channels with the government, and striving to secure the position of industry leader for Shenzhen.

Modern Financial Industry

Shenzhen is one of the top cities in Mainland China where the financial industry reaches the highest GDP ratio. In 2013, the total social financing (TSF) scale of the city exceeded 500 billion RMB; the trading volume of the interbank money market and bond market exceeded 30 trillion RMB; and cross-border receipts and payments in all currencies totaled over $500 billion USD. Since the launch of the cross-border RMB business, 53 banks in Shenzhen handled total transactions of 1.72 trillion RMB for approximately 5,000 enterprises from over 100 countries and regions. The fund clearing size of the local financial industry neared 200 trillion RMB, or 900.3 billion RMB per day. Bank cards transactions exceeded 1 trillion RMB, up 61.3% year on year. Bank card penetration rate was around 65%, which ranked on top nationwide.

The following five competitive edges for innovation are indispensable to such remarkable achievements made by the local financial sector:

System innovation. On the basic principle of "small government, and big industry", the city's financial industry has broken nearly one hundred records in the domestic financial sector. The municipal government has always applied hands-off approach to financial operations, with market-driven resource allocation becoming the universal rule of the industry.

Market players have become the real force that drives the development of the industry.

Policy innovation. Shenzhen has set a policy support keynote of "providing what other cities do not have, and outdoing other cities in things that are done universally". It is the first among its peers to have set up an industry policy system comprising a series of supportive measures, and has strived to build a business climate most suitable to the development of the financial industry in an all-round manner.

Institutional innovation. The city has established a modern financial organization system with a reasonable structure and reliable functionality. Banks, securities and insurance institutions are the major entities, and other types of financial institutions coexist. There have appeared a number of financial enterprises with global visions that fully represent the city's brand image, such as China Merchants Bank, and Ping An Insurance.

Product and service innovation. The operational performance of all financial business segments has continuously improved. Deposit and loan balances in the banking sector, assets and revenue of securities companies, premium income of insurance firms, and the IPO size of listed companies, among other major indicators, have long dominated the top position nationwide. All of this has strongly supported the development of the real economy and the construction of a city filled with happy citizens.

Openness and cooperation innovation. By leveraging its unique advantage of being adjacent to Hong Kong, an international financial hub, Shenzhen has actively promoted bilateral financial cooperation in personnel exchanges, mutual establishment of institutions, mutual recognition of products, and construction of financial infrastructure. In addition, by seizing the opportunities brought by the favorable policy on various pilot programs for Qianhai, Shenzhen has kicked off innovative pilot programs such as cross-border RMB lending, and investment in equity investment enterprises by foreign business people, which has also boosted the financial internationalization level of the city.

Modern Logistics Industry

Boasting a well-developed modern logistics system, Shenzhen is a major transportation hub and logistics center in the Asia-Pacific region, and has the world's third biggest container port and Asia's biggest land port, as well one of the four major airports in China. In the first half of 2013, the value added of Shenzhen's logistics industry reached 53.617 billion RMB, accounting for 8.92% of the city's GDP in the same period. The scale of the industry surpassed Beijing and Guangzhou and was second to Shanghai. 80% of the country's supply chain enterprises base their headquarters in Shenzhen, which enables the city to command a leading position in the supply chain management industry nationwide. The major industrial parks include Qianhai Bay Logistics Park, and the Yantian Logistics Park. Local enterprises representative of the industry include S.F. Express, and Eternal Asia.

Shenzhen's logistics industry enjoys the following five major advantages:

A manufacturing system of massive scale has been established in Shenzhen and the Pearl River Delta, with a strong export-oriented economic circle taking shape. Shenzhen is close to Hong Kong and Macau, and is the only city in Mainland China that borders Hong Kong by land, giving it a superior geographic advantage.

With developed infrastructure in place, Shenzhen has formed a two-tiered (i.e. international and domestic) transportation platform mainly based on seaports and the airport, and supported by highways, expressways, and trunk roads, and preliminarily established a logistics information platform featuring "big logistics, big port, big customs clearance, and big platform". The city is currently pressing ahead with the construction of the "two lines and two stations" proposed by the Ministry of Railways, which will greatly boost its position in the strategic transportation layout of the country. This will include the Guangzhou-Shenzhen-Hong Kong Passenger Dedicated Line, Hangzhou-Fuzhou-Shenzhen Passenger Dedicated Line, Shenzhen New Railway Station and the South Pinghu Container Central Station.

Industry advantage. A modern logistics industry mainly based on third-party logistics enterprises has taken shape in Shenzhen, with a number of enterprises demonstrating high service standards and great strength.

Technology and capital advantage. Shenzhen boasts a well-developed IT-based high-tech industry, with active innovation activities. The logistics industry can develop smartly by relying on the local informatized platform, and also the city's position as a regional financial center, where fund settlement is convenient and financial instruments abound.

Policy and environment advantage. The municipal party committee and the municipal government support the development of the logistics industry as a pillar industry, and have created favorable policies for the sector. The efficiency of customs clearance and the logistics informatization level are relatively high; the market system is sound and the overall supporting environment is good in Shenzhen.

Culture Creative Industry

Shenzhen is one of the leaders of the culture creative industry in China, and was the first nationwide to establish the "culture-based city development" strategy. Over ten years of development, Shenzhen has become a "strong culture-driven city", with lush "cultural oases", and won the titles of "City of Design", "City of Libraries", "City of Pianos" and "Animation Base", etc.

The city's culture creative industry is developing at an annualized average rate of 20%. In 2013, the added value of the creative industry reached 135.7 billion RMB. It is planned that the added value of the industry will reach 220 billion RMB and total output will exceed 580 billion RMB by 2015. Then the industry will become a key strategic emerging industry in Shenzhen and a mainstay of the national economy.

Shenzhen enjoys first-class strengths in developing the creative industry nationwide; and had obvious advantages in the creative design industry. The city is the birthplace of China's modern graphic design, and dominates relatively large market shares of the industrial design and interior design fields, and was the first Chinese "city of design" recognized by UNESCO. The city's animation gaming industry has developed relatively earlier and faster; social software services, internet information services, digital TV and digital music all have good growth momentum.

A number of leading enterprises have appeared, such as Tencent and A8.com, with lots of creative talents gathering here. Shenzhen is also a leader in cultural tourism in China. The OCT Group and Fantawild Holdings are the most creative, innovative and renowned cultural tourism enterprises. Shenzhen is also China's biggest high-end print and gold jewelry production base, garnering over 60% market share. Press and publications, radio, film and television, and cultural conventions in the city all hold great influence nationwide.

 

 
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