BEIJING – South China’s metropolis of Shenzhen has seen its gross domestic product (GDP) grow 20.7 percent on average annually over the past 40 years, said Mayor Chen Rugui Thursday.

The city is undergoing high-quality development, with its GDP per capita reaching $30,000, Chen told a news conference in Beijing. In 2019, the city’s GDP was nearly 2.7 trillion yuan ($396.9 billion).

Shenzhen’s import and export volume has surpassed $430 billion, accounting for about 10 percent of the country’s total foreign trade, compared to less than $20 million four decades ago.

The city has eight Fortune 500 companies and 436 listed ones, said the mayor, adding that companies like Huawei, Tencent, ZTE and DJI are playing an important role in advancing technological innovation and promoting industrial transformation and upgrade in the country.

Chen said Shenzhen, as a hub of innovation and entrepreneurship, has one entrepreneur in every 10 of its citizens.

The value of the new economy accounts for more than 60 percent of Shenzhen’s GDP, while that of strategic emerging industries constitutes nearly 40 percent, according to Chen.

The city, which is home to over 70,000 technology-based enterprises, spends about 4.9 percent of its GDP on research and development.

Chen added that Shenzhen will continue to deepen cooperation with neighboring Hong Kong to attract more global talent and institutions to the city. It will also promote the transformation and upgrade of industries and further develop digital, biological and marine economies to drive the growth of the Pearl River Delta region.

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