Shenzhen - Economy

Economy

In 2001, the working population reached 3.3 million. Though the secondary sector of industry had the largest share (1.85 million in 2001, increased by 5.5%), the tertiary sector of industry is growing fast (1.44 million in 2001, increased by 11.6%). Shenzhen's GDP totaled CNY 820.1 billion in 2009, up by 10.7 percent over the previous year, with a GDP per capita of US$13,581 as of 2009. Its economy grew by 16.3 percent yearly from 2001 to 2005 on average. The proportion of the three industries to the aggregate of GDP was 0.1:46.7:53.2 in 2009. The proportion of the primary industry to GDP was down by 13.4%, and the tertiary industry was up by 12.5%. Shenzhen is in the top ranks among mainland Chinese cities in terms of comprehensive economic power. It ranked fourth in GDP among mainland Chinese cities in 2001, while it ranked the top in GDP per capita during the same period. Its import and export volumes have been first for the last nine consecutive years. It is the second in terms of industrial output. For five consecutive years, its internal revenue within local budget ranks third. It also ranks third in the use of foreign capital.

Shenzhen is a major manufacturing center in China. In the 1990s, Shenzhen was described as constructing "one highrise a day and one boulevard every three days". The Shenzhen's rapidly growing skyline is regarded as one of the best in the world. It currently has 26 buildings at over 200 meters tall, including the Shun Hing Square (the 8th tallest building in the world).

Shenzhen is home to some of China's most successful quality brand high-tech companies, such as BYD, Dingoo, G'Five, Hasee, Huawei, JXD, Konka, Netac, Skyworth, Tencent and ZTE. BYD, Hasee and Huawei are headquartered in the Longgang District. TCL Corporation, best known as China's number one TV brand, has a presence in the city. Taiwan's largest company Hon Hai Group (Foxconn) has a manufacturing plant based in Shenzhen. Many foreign high-tech companies have their operations in the Science and Technology park in Nanshan District or outside the core districts where labor and land are much cheaper. CSG Holding is the largest architectural glass manufacturer in China. Vanke is the largest residential real estate developer in China. In the financial sector, Shenzhen Development Bank, China Merchants Bank and Shenzhen City Commercial Bank are some of the largest banks in China, with headquarters in Shenzhen.

Shenzhen Convention & Exhibition Center is a super large public construction with multi-functions of hosting business activities, celebrations, conferences, conventions, entertainment events, exhibitions, restaurants and all kinds of shows.

In 2010, the GDP reached a record high of 951 billion yuan, an increase of 10.7% over 2009. Shenzhen's economic output is ranked fourth among the 659 Chinese cities (behind Beijing, Shanghai and Guangzhou), and it is comparable to that of a medium sized province in China. In 2010, Shenzhen's GDP per capita was 95,000 yuan (US$14,615), making it one of the richest of all Chinese cities.

On 1 July 2010 the Shenzhen special economic zone was expanded from 396 square kilometres (153 sq mi) to 1,953 square kilometres (754 sq mi) and border controls with the rest of China relaxed.