Shenzhen's industrial added value, an important economic indicator, rose 7.4 percent on a yearly basis in the first half of 2019, up 0.5 percentage points compared to the January-May period, according to statistics from the Shenzhen Municipal Bureau of Industry and Information Technology.
Profits of Shenzhen’s industrial enterprises above a designated size increased by 8.2 percent in the first half of the year, 0.9 percentage points higher than the January-May period.
The city’s industrial added value is 1.4 percentage points and 2.5 percentage points higher than that of the whole country (6 percent) and the eastern region (4.9 percent), respectively, and has also exceeded those of Guangzhou, Beijing, Suzhou, Shanghai and other cities.
Shenzhen also ranks No. 1 in Guangdong Province for industrial added value in the first half of 2019, 2.6 percentage points higher than the provincial level (4.8 percent) and 2.1 percentage points higher than the average of the nine Guangdong cities within the Guangdong-Hong Kong-Macao Greater Bay Area (5.3 percent).
The city’s industrial added value accounts for 26.4 percent of the whole province, with a contribution rate of 39.7 percent to the industrial growth of the province.
Enterprises above a designated size refer to those with annual turnover of at least 20 million yuan (US$2.9 million).
Guo Wanda, executive vice president of China Development Institute, said the manufacturing industry has contributed a lot to the growth of the city’s industrial added value. “It is precisely because Shenzhen’s new economy, new business format and new technologies are developing very well that Shenzhen’s industry has achieved such a result.”
Data show that Shenzhen’s industrial development is mainly driven by R&D, technology and patents. On the whole, the city’s industrial structure, manufacturing industry and technology are heading towards high-end development.
According to statistics, Shenzhen’s advanced manufacturing industry and high-tech manufacturing industry saw industrial added value increase 10.3 percent and 11 percent in the first half of 2019, respectively.
The added value of the electronic information manufacturing industry increased by 11.1 percent in the first half of the year, accounting for 59.1 percent of the city’s industrial added value.
“The electronic information industry, especially next-generation information technology, is very closely related to such fields as artificial intelligence, robotics and wearable devices,” said Guo.
Guo said that the electronic information industry is still an important pillar for Shenzhen’s new economy, new industries and new technologies.