Shenzhen aims for 5 trillion yuan GDP by 2030

Shenzhen aims to reach a GDP of over 5 trillion yuan (US$720 billion) by the end of 2030, Mayor Qin Weizhong stated in the government work report delivered at the opening of the annual session of the city’s legislature yesterday. By the same year, the city also plans to achieve major breakthroughs in industrial and technological innovation, with R&D spending projected to exceed 7% of its GDP. Shenzhen has set a GDP growth target of 5% for this year. The city strives to become a national model of high-quality development and a world-leading city in comprehensive economic competitiveness by 2035.