Shenzhen has the most ports in China and is the country’s only city with sea, air and land ports. The city is one of China’s major channels of communication with the outside world. It boasts strong economic growth and a modern urban infrastructure. The 2007 Blue Book on Chinese Cities’ Competitiveness, released by the Chinese Academy of Social Sciences, shows that Shenzhen ranks in first place among Chinese mainland cities in terms of all-round urban competitiveness.
Economic Growth
In 2006, the gross domestic product (GDP) of Shenzhen reached 568.4 billion yuan, with a year-on-year increase of 15 percent. Its industrial added value totaled 272.3 billion yuan, a 17.2 percent increase over 2005; the total fixed asset investment reached 127.2 billion yuan, a 7.7 percent increase; and the turnover from retail sales of consumer goods amounted to 167.1 billion yuan, up 16.2 percent. The city’s total import and export volume hit US$237.4 billion, up 29.9 percent from the previous year. Of that figure, US$136.1 billion was contributed by exports, an increase of 34.1 percent. Shenzhen has been ranked first among Chinese mainland cities over the past 14 consecutive years in terms of total export volume.
Economic Scale
The overall economic scale of Shenzhen, ranked fourth among mainland cities, is equivalent to that of a medium-sized province in China, making the city the most vigorous economy in the country. In 1979, Shenzhen’s per capita GDP was only 606 yuan. By 2006, its per capita GDP reached 8,619 yuan, the highest among Chinese mainland cities.
Fiscal Revenue
The city’s fiscal revenue reached a historic high in 2006. In addition to the 113.016 billion yuan submitted to the Central Government, the city reported 50.088 billion yuan in local revenue, an increase of 8.85 billion yuan, up 21.46 percent over the previous year.
Economic Status
Since the Shenzhen Special Economic Zone was established 27 years ago, Shenzhen has been transformed from a small border town into one of China’s key cities in areas such as high-tech industries, foreign trade and sea transport. Located at the forefront of the Pearl River Delta, Shenzhen is a bridge linking Hong Kong and the hinterland of China. It also serves as an important transportation hub in South China. The Shenzhen Special Economic Zone will play an important role in China’s system reforms and opening up to the rest of the world.
Prices and Incomes
Shenzhen has seen a steady growth in its residents’ annual income. In 2006, its per capita deposable income was 22,567.08 yuan, up 5 percent over the previous year, while overall consumer prices increased 2.2 percent from the year of 2005.