Shenzhen climbs on new industries, services

Shenzhen’s economy pushed back closer to its pre-pandemic growth in the first half of this year, despite a blip in June caused by a Covid-19 outbreak in Guangdong. With GDP rising 9.7% over the first half of 2020, that equated to a 4.8% rise on two-year comparison with the same period in 2019. It’s not yet the 6% mark that Shenzhen had been comfortable with pre-pandemic, but the bright spot appears to be the development of new strategic industries and the services sector.

According to the Shenzhen Municipal Bureau of Statistics, 20 strategic emerging industrial clusters grew 13% to generate output of 563.086 billion yuan in the first half, accounting for 39.3% of the city’s GDP. The star was high-end equipment manufacturing, up 44.1%, while the marine economy rose 30.9%. A broad category called “digital and fashion” rose 23.9%, while new materials was up 22.5%. Good news on the green front was low-carbon industries jumped by 19.9%.

Industrial robots had a good boost, up 79.5%, an average increase of 61.5% in two years; the output of new energy vehicles and charging piles increased by 3.28 times and 1.21 times, respectively, with an average increase of 30.4% and 66.8% in two years; the output of 3D printing equipment increased by 32.4%, an average increase of 1.38 times in the two years.

In services, from January to May, the operating income of the city’s for-profit service industry increased by 26.1%, an average increase of 15.1% in the two years, which was 1 percentage point higher than the growth rate of the same period in 2019. 

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