City sets 2023 GDP growth target at 6%

Writer: Zhang Yu  |  Editor: Zhang Chanwen  |  From: Shenzhen Daily  |  Updated: 2023-02-15

Video by Lin Jianping

Shenzhen will target a GDP growth of 6% this year as the city accelerates its pace to become a globally influential economic center and a modern international metropolis.

Mayor Qin Weizhong made the announcement as he delivered a government work report at the opening meeting of the annual session of the city’s legislature at the Civic Center in Futian District yesterday.

Deputies listen to a government work report delivered by Mayor Qin Weizhong at the opening meeting of the annual session of the city’s legislature at Civic Center in Futian District yesterday. Photos by Lin Jianping

Other main targets for this year’s socioeconomic development include a 6% growth in the city’s general public budget revenue, the added value of industrial enterprises above designated size — meaning industrial firms with an annual business turnover of at least 20 million yuan (US$2.94 million) — growing by more than 6%, and controlling inflation at about 3%.

The city also aims to increase its R&D expenditure by over 8%, create 180,000 new jobs and see a steady growth in residents’ per capita disposable income.

According to the report, the real economy will be a key priority for Shenzhen’s economic development. It will speed up building a globally leading and important advanced manufacturing center.

Lawmakers attend the opening meeting of the annual session of the city’s legislature at the Civic Center in Futian District yesterday.

The city’s industrial investment throughout the year is expected to exceed 200 billion yuan, up 20% over last year. The added value of strategic emerging industries, which takes up a significant share of the city’s GDP, is forecast to hit 1.4 trillion yuan this year.

The city will boost modern service industries including finance, R&D and design, and aim to develop 20 advanced manufacturing parks with high standards and add 20 million square meters of low-cost, quality and customized industrial spaces, as per the report.

It will try its utmost to help enterprises in tax, financing and employment difficulties, and optimize the business environment with upgraded reform measures.

Qin said Shenzhen will add 200,000 school seats for basic education, continue to increase investment in basic research, and take practical moves to attract and retain talents.

This year, it will invest 230 billion yuan in infrastructure and 110 billion yuan in new infrastructure and work to build the city into an international consumption center, a globally influential logistics hub and a significant financial center.

Delegates at the opening meeting of the annual session of the Municipal People's Congress (MPC), the city's legislature, in Futian District yesterday.

Shenzhen will roll out the second batch of comprehensive authorized reform measures in 2023, further deepen the reform and opening up of Qianhai and promote the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

In addition, the city will endeavor to become a first-class livable city, transportation hub, resilient city and smart city. It will build the world’s first international mangrove center and start construction on a mangrove wetland museum.

It will also launch a pilot program on equal rights for home tenants and owners in government-subsidized housing this year.

Shenzhen’s GDP witnessed a growth of 3.3% year on year to reach 3.42 trillion yuan in 2022, according to the work report.

Last year, the city retained China’s top spot in terms of exports, total industrial output, total industrial added value and international patent applications.