Shenzhen is the “experimental field” for China’s economic reforms and opening up to the rest of the world. It has taken the lead in China in establishing a socialist market economy, a stunning development in the history of industrialization, urbanization and modernization across the globe. This has make Shenzhen a showcase for the country’s accomplishments in economic reforms and opening up over the past three decades.
Import and Export
The city’s total import and export volume in 2006 reached US$237.411 billion, up 29.9 percent over the previous year. Of that, the export volume totaled US$136.1 billion, up 34.1 percent; and the import volume was US$101.303 billion, up 24.6 percent. Shenzhen has ranked in first place among China’s large and medium-sized cities in terms of total export volume for the past 14 consecutive years.
Foreign Investment Foreign investment in Shenzhen mainly covers industries such as electronics and communications, electric machinery, textiles and clothing, food, pharmaceuticals, metal products, real estate, transportation and catering. The actual direct foreign investment totaled US$3.269 billion in 2006, up 10.1 percent over the previous year.
Shenzhen prioritizes the importance of taking advantage of foreign investment to develop the city’s high-tech and capital-intensive industries. At present, the key fields for foreign investment are practical industrial projects driven by the automobile and petroleum industries.
Foreign-invested Enterprises
So far, foreign investment in Shenzhen derives from more than 90 countries and regions. By the end of 2006, a total of 141 multinationals on the Fortune 500 list had invested in Shenzhen.
Sister Cities Shenzhen has increased its friendly exchanges and cooperation with the outside world. It has become known to more and more people globally. Since 1986, Shenzhen has established sister city relationships with 11 cities or regions around the world, including Houston, United States; Brescia, Italy; Brisbane, Australia; Poznan, Poland; Vienne, France; Kingston, Jamaica; Lome, Togo; Nuremberg, Germany; Walloon Brabant, Belgium; Tsukuba, Japan; and Gwangyang, South Korea. Friendly exchanges cover various fields such as economy, technology, environmental protection, culture, sports, education, health care, urban planning and management.
International Investment
While taking advantage of foreign investment, the city’s enterprises also strive towards breaking into global markets. By the end of 2006, Shenzhen had set up 367 enterprises or business organizations in more than 80 countries or regions with an accumulative investment totaling US$1.5 billion.