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Shenzhen Expects Bigger Industrial Growth
The industrial output value in Shenzhen, south China's Guangdong Province, will exceed 400 billion yuan (US$48.19 billion) by the year 2005.
The figure is nearly double the city's industrial output value of 207.8 billion yuan (US$25.04 billion) in 1999, said an official from Shenzhen Bureau of Economic Development. He disclosed that the bureau had been drafting a development plan for Shenzhen for the Tenth Five Year Plan period (2001-2005).
Shenzhen, which used to be a small town with a population of 20,000 and only a few industries, has experienced fast economic expansion since it became a special economic zone on August 26, 1980.
It has been blessed with an industrial setup with improved infrastructure. Major industries in the city are engaged in the production of computers and software, telecommunications, microelectronics and basic components, audio-video commodities, as well as manufacturing of garments, time pieces and toys.
Industries have become the power behind Shenzhen's sustained and rapid growth in local economic development. According to the official, the industrial sector contributed 55.9 percent to Shenzhen's gross domestic product (GDP) last year.
While continuing to make progress with its major industries, the city will also see faster expansion in new industries such as the production of pharmaceuticals, medical equipment and bio-technologies in the next five years.
The official predicted an annual growth of over 8 percent in Shenzhen's total industrial output value in the tenth five-year-plan period.
By the year of 2005, the exports of computers, telecommunications equipment, micro-electronics and basic components, and audio-video products will be worth 179 billion yuan (US$21.57 billion).
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