Shenzhen sees GDP surge to $238b in H1

The Shenzhen Municipal Bureau of Statistics released the city's GDP for the first half of 2024 on Friday, with the GDP standing at 1.73 trillion yuan ($238 billion), marking a year-on-year growth of 5.9 percent.

"This figure surpasses the national and provincial averages, as well as those of other major first-tier cities. Considering the significant rise in external uncertainties this year, Shenzhen's achievement in the first half is commendable," said Liu Guohong, vice-president of the China Development Institute. "It reflects the strong resilience and vitality of Shenzhen's economy."

Statistical data show that industrial production in Shenzhen experienced rapid growth in the first half of the year, with the added value of industries above designated size increasing by 12 percent year-on-year.

Industry insiders attribute this achievement to the robust growth of strategic emerging industries. Currently, Shenzhen is seizing new opportunities in industries such as new energy, intelligent connected vehicles, and low-altitude and aerospace economy, aiming to build a new generation of world-class automobile cities.

Additionally, Shenzhen has set a new goal for promoting new industrialization: by 2025, to basically establish itself as a globally leading center for advanced manufacturing.

In the first half of the year, fixed asset investment in the city grew by 8.9 percent year-on-year. The city established 3,683 new foreign-invested enterprises, accounting for 13.7 percent of the national total. Sector-wise, manufacturing investment played a significant role, increasing by 55.5 percent. High-tech industry investment was particularly active, with high-tech manufacturing investment growing by 69.3 percent, including a 79 percent increase in investment in electronic and communication equipment manufacturing.

Shenzhen's foreign trade experienced rapid growth during the same period. In the first half, the city's imports and exports reached 2.2 trillion yuan, a year-on-year increase of 31.7 percent, setting a record high for the same period and ranking first among the Chinese cities.

Data from Shenzhen Customs show that in the first half of the year, Shenzhen's exports of traditional products such as mobile phones, computers, and household appliances totaled 168.45 billion yuan, an increase of 18.9 percent .

Meanwhile, new products such as new energy vehicles, lithium batteries, and photovoltaic products are becoming the mainstays of Shenzhen's foreign trade exports. In the first half, Shenzhen exported 12.87 billion yuan worth of electric vehicles and 2.48 billion yuan worth of photovoltaic products, with growth rates of 51.7 percent and 81.6 percent, respectively.

Li Boyu contributed to this story.