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District of Shenzhen sets ambitious course for industry

By WANG XU | chinadaily.com.cn | Updated: 2024-05-13 11:55

A view of Luohu district, Shenzhen. [Photo/VCG]

In a bid to solidify its position as a hub of economic growth and innovation, Shenzhen's Luohu district on Saturday unveiled ambitious plans to establish four industry clusters with a staggering revenue target of more than 100 billion yuan ($14.1 billion) annually by 2026.

The plan, which was under a broader initiative known as High-Quality Development of Shenzhen, was introduced during a news conference by Zuo Jinping, mayor of Luohu district.

Zuo said that the plan is based on Luohu's commitment to nurturing and expanding its service industry, which currently accounts for a significant portion of the district's GDP.

"With modern service sectors accounting for 75 percent of its tertiary industry, Luohu is strategically positioned to capitalize on its strengths and propel its economy to new heights," Zuo said.

The district's comprehensive strategy, dubbed the 1+N+X approach, encompasses a wide range of measures aimed at promoting high-quality development across various sectors. From accelerating cooperation with neighboring Hong Kong to optimizing the business environment and expanding consumer markets, Luohu is leaving no stone unturned in its quest for economic prosperity, Zuo said.

Key to its vision is the development of specialized industry clusters focusing on finance, wholesale, retail and freight logistics. Through targeted investments and strategic partnerships, Luohu aims to transform those sectors into thriving economic powerhouses capable of generating billions in revenue and driving sustainable growth.

Additionally, Luohu is keen on fostering emerging industries such as software information services, tourism services and human resources services, recognizing their potential to contribute significantly to the district's economic landscape.

The announcement came amidst increasing efforts by Chinese cities to position themselves as global economic players, and Shenzhen is a leader. As the birthplace of numerous tech giants and home to a vibrant entrepreneurial ecosystem, it continues to attract investment and talent from around the world.

With its bold vision and strategic approach, Luohu district is poised to emerge as a beacon of economic prosperity and innovation in the years to come, setting a new standard for sustainable development in China and beyond.

"Luohu is a land of development and prosperity. We will launch more specific measures to promote high-quality development with a sense of urgency," Zuo said, adding that he hopes more companies will invest in Luohu, that more residents will choose Luohu as their home and that more people will visit Luohu regularly for leisure.

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