Chapter 10 : Shenzhen Economy Today

2038 WordsDec 6, 20169 Pages
Chapter 10: Shenzhen Economy Today Many believe that the city of Shenzhen will become one of the most important cities in the world in the coming decades. It’s geographic, social, financial, and political position within the Chinese ecosystem makes Shenzhen the potential city of the future. Over the past decades China witnessed enviable Gross Domestic Product (GDP) growth year over year, taking into account the economic collapse of 2008. The engine behind that growth was the city of Shenzhen. A city comprised of fishing villages and a population of around 30,000 in the 1970’s is now a city with over 10 million residents and has experienced growth like the world has never seen before. In less than half a century, the city is a far cry from what it used to be, and is often referred to as the “instant city.” Shenzhen has seen rapid economic development and is among the top 5 most successful cities in all of the Pearl River Delta and mainland China. Considered one of the most competitive cities in China due to its rapid growth, in 2015, Shenzhen saw an 8.9% GDP expansion, totaling approximately 1.75 trillion yuan or US$270 billion. The city brought in 723.8 billion yuan in 2015 fiscal revenue, compared to the city’s debt of just 15.9 billion yuan, which is a far cry from the country’s government debts which run into the trillions. Considered the “starting point of China’s transformation,” in 1979, the city of Shenzhen was the first city chosen by Paramount Leader
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