Official: Shenzhen economy to surpass Hong Kong in the next 5 to 10 years

12:46, April 16, 2010      

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Shenzhen is fast becoming an economic powerhouse and is set to overtake Hong Kong in five to 10 years, one official from Shenzhen said.

"Thirty years ago, Shenzhen's total economic output was only 0.3 percent of Hong Kong's, but now the proportion is 57 percent and in the next 5 to 10 years, Shenzhen will catch up with Hong Kong," deputy mayor of Shenzhen Tang Jie said on April 13, 2010.

Over the past 30 years, the total average annual economic growth of Shenzhen reached 25.8 percent, turning from a small border town into the fourth largest Chinese city in terms of economic output. In 2009, imports and exports totaled 270.155 billion U.S. dollars in Shenzhen, accounting for one eighth of the whole country, with exports accounting for one seventh, ranked first in the country for 17 years.

Tang said Shenzhen's economic output grew 4,000 times over the past 30 years, and the population expanded by 300 times.

"Last year our total economic output was 120 billion U.S. dollars. The city ranked 30th in the world, equaling ancient cities like Berlin, Rome, Sydney, and Antwerp."

Shenzhen is shifting toward tech-oriented growth. In 2009, Shenzhen GDP reached 820.1 billion yuan (120 billion U.S. dollars), up 10.7 percent, Tang said. According to data released by the Hong Kong SAR Census and Statistics Department, in 2009 Hong Kong's GDP was 210.73 billion U.S. dollars.

Tang said Shenzhen's future development will move in three steps. The first step is to increase support for high-growth industries, the second step is to increase investment in science, technology, education and culture and the third step is to keep people, nature, and society in harmony.

By People's Daily Online


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