Entering ChinaOn January 26, the Shenzhen Municipal Bureau of Statistics released data that according to the unified accounting results of Guangdong Province’s GDP, in 2024, Shenzhen’s GDP will be 3,680.187 billion yuan, a year-on-year increase of 5.8% at constant prices. The growth rate is higher than that of the whole province, ranking first among first-tier cities. The city’s economy has rebounded and high-quality development has been steadily promoted.
The economy is running steadily and improving
In 2024, in the face of the complex and severe situation of increasing external pressure and increasing internal difficulties, Shenzhen will adhere to the general tone of seeking progress while maintaining stability, completely, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, and solidly promote high-quality development, so that the city’s economic operation will be generally stable and progressive.
The formation of a modern industrial system with Shenzhen’s characteristics and advantages has been accelerated, and Shenzhen’s important role as one of the central cities, one of the core engines and one of the poles in the Guangdong-Hong Kong-Macao Greater Bay Area continues to play.
The reporter learned that while Shenzhen’s economy is stable and improving, the economic structure is also becoming more optimized. Among them, the added value of the primary industry was 2.637 billion yuan, a year-on-year increase of 1.5%; the added value of the secondary industry was 1,390.928 billion yuan, a year-on-year increase of 8.3%; the added value of the tertiary industry was 2,286.622 billion yuan, a year-on-year increase of 4.3 percent.
Industrial production continued to grow
Our city will speed up the construction of a modern industrial system with Shenzhen’s characteristics and advantages, and steadily promote new industrialization. In 2024, the added value of the city’s industrial enterprises above designated size will increase by 9.7% year-on-year, 0.4 percentage points faster than that from January to November.
In terms of industry categories, the added value of mining, manufacturing, electricity, heat, gas and water production and supply above designated size increased by 7.2 percent, 9.9 percent and 9.1 percent respectively. Among the major industries, the added value of the manufacturing of computers, communications and other electronic equipment above designated size increased by 11.0 percent.
The “war new” industry stimulates new momentum for the industry. The output of the city’s main high-tech products continued to grow rapidly, of which the output of 3D printing equipment, industrial robots and electronic components increased by 35.8%, 31.8% and 21.3% respectively.
Investment in fixed assets grew steadily
In 2024, the city will boldly plan major projects in advance, actively expand various types of investment, and the city’s fixed asset investment will increase by 2.4% year-on-year.
Shenzhen’s fixed investment gathers momentum for future economic growth. Shenzhen’s industrial investment will grow strongly in 2024, up 20.1%. In terms of sub-sectors, manufacturing investment played a significant role, with an increase of 24.6%. Investment in high-tech industries was active, with investment in high-tech manufacturing increasing by 27.4 percent, of which investment in electronics and communication equipment manufacturing increased by 42.8 percent.
Investment in the social sector grew rapidly, with investment in education increasing by 10.5 percent.
The growth rate of market sales rebounded
In 2024, Shenzhen will implement the trade-in of consumer goods, igniting a consumption boom. The city’s total retail sales of consumer goods exceeded one trillion yuan for two consecutive years, reaching 1,063.77 billion yuan, a year-on-year increase of 1.1%.
In terms of consumption type, retail sales of goods increased by 1.0%; F&B revenue increased by 1.5%. The sales of basic living commodities were good, of which the retail sales of grain, oil, food and beverages of units above designated size increased by 13.0 percent and 11.1 percent respectively.
Consumption upgrading commodities maintained rapid growth, of which construction and decoration materials, cultural and office supplies, household appliances and audio-visual equipment, and furniture of units above designated size increased by 44.4 percent, 27.3 percent, 26.8 percent, and 12.0 percent respectively.
Online retail sales continued to grow, and the retail sales of goods realized by units above designated size through the Internet increased by 11.2%.
Consumer prices rose moderately. From January to December 2024, the city’s consumer prices rose by 0.1% over the same period of the previous year. Among them, the prices of food, tobacco and alcohol rose by 0.4%, the prices of clothing rose by 2.9%, the prices of housing remained flat, the prices of daily necessities and services rose by 0.3%, the prices of transportation and communications decreased by 2.2%, the prices of education, culture and entertainment rose by 0.9%, the prices of medical care rose by 0.3%, and the prices of other articles and services decreased by 0.3%.
The import and export of goods maintained rapid growth
After 9 years, Shenzhen has returned to the “first city of foreign trade” in Chinese mainland. In 2024, the city’s total import and export volume will be 4,504.824 billion yuan, a year-on-year increase of 16.4%. Among them, exports were 2,812.216 billion yuan, an increase of 14.6%; imports were 1,692.608 billion yuan, an increase of 19.6 percent. Among them, the import and export of general trade increased by 19.2 percent, accounting for 54.9 percent of the total import and export, an increase of 1.3 percentage points over the previous year.
The balance of deposits and loans of financial institutions has grown steadily. At the end of December, the balance of domestic and foreign currency deposits of financial institutions (including foreign capital) in the city was 13,577.802 billion yuan, a year-on-year increase of 1.8%. The balance of domestic and foreign currency loans of financial institutions (including foreign capital) was 9,483.033 billion yuan, a year-on-year increase of 2.9%.
