City sets GDP growth rate target at 5.5% for 2024

Shenzhen will target a GDP growth rate of 5.5% this year, according to a government work report delivered by Mayor Qin Weizhong at the opening meeting of the annual session of the city’s legislature at the Civic Center in Futian District yesterday.

The city’s GDP grew by 6% year on year to reach 3.46 trillion yuan in 2023, posting a bigger GDP growth rate than Shanghai and Beijing in the same year.

Attendees listen to a government work report being delivered by Shenzhen Mayor Qin Weizhong at the opening meeting of the annual session of the city’s legislature at the Civic Center in Futian District yesterday. During the session that will end Friday, more than 400 deputies will deliberate on the city government’s work report and review the report on the implementation of the 2023 plan and the 2024 draft plan for the city’s socioeconomic development. Lin Jianping

Other main targets for 2024 include a 10% growth in the city’s fixed asset investment, a 7% increase in total retail sales of consumer goods, a 5.5% increase in the added value of industrial enterprises above a designated size (referring to industrial firms with an annual business turnover of at least 20 million yuan, or US$2.78 million) and a 1% growth in general public budget revenue.

Shenzhen also aims to stabilize foreign trade and keep resident income growth in pace with the city’s economic growth, as per the work report.

Graphic by Han Shuang

In 2024, Shenzhen will continue to achieve new breakthroughs in the development of major cooperative platforms such as Qianhai and Hetao, connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area, and the building of an international trade hub.

Advancing new industrialization remains a key task for Shenzhen’s goal of building a modern industrial system with greater international competitiveness, according to Qin.

The added value of strategic emerging industries, which makes up a significant share of the city’s GDP, is forecast to climb by more than 7% and to reach at least 1.5 trillion yuan this year.

Shenzhen will build, renovate, or expand 130 kindergartens, primary schools, and secondary schools. Shenshan High School Park will also be put into use. It also aims to have over 70 multinational corporations set up regional headquarters in the city, with actual use of foreign investment exceeding 60 billion yuan. 

A series of efforts will be made to turn Shenzhen into a livable, resilient, and smart city that serves as an efficient transportation hub.

Efforts will also be made to further diversify the city’s cultural, sports, and tourism landscape, increase the supply of medical resources, and improve the social security system, according to the government work report.

Last year, Shenzhen retained the top spot in terms of exports, total industrial output, and industrial added value in the country.