Shenzhen reported steady growth in economic activity, with its GDP (including the Shenzhen-Shanwei Special Cooperation Zone) amounting to RMB 1.540862 trillion in the first three quarters of 2017, up 8.8% year-on-year (the same comparison period for figures below).
Positive progress made in building high-end industries
Shenzhen’s GDP growth was 1.9 percentage points higher than the national level in the first three quarters of 2017. The added value of primary, secondary and service industries was RMB1.314 billion, RMB 596.157 billion and RMB 943.391 billion, respectively, up 25.6%, 9.3% and 8.4%. The ratio between the secondary and the service industries was 38.7:61.2. The added value of the service industry, the wholesale and retail sectors, the accommodation and catering sectors, the transport, storage and postal sectors, the financial sectors, and the real estate sector was RMB 158.076 billion, RMB 27.052 billion, RMB 47.764 billion, RMB 229.847 billion and RMB 148.549 billion, respectively, up 4.7%, 0.5%, 8.6%, 7.2% and 0.7%. Other service sectors added value of RMB 330.817 billion, up 15.2%.
Shenzhen‘s industrial production picked up, with industrial added value growing 9.7% to RMB 568.007 billion in the first three quarters of 2017, 1.9 percentage points higher than the growth in the first half of 2017 and the highest growth to date. The growth rate is 3.1 percentage points higher than the figure in the same period of last year and the highest level since 2012, as well as 3.0 percentage points higher than the national level. Joint-equity enterprises reported growth of 12.3% in industrial added value, and foreign companies and businesses from Hong Kong, Macau and Taiwan grew 5.2%. Eight out of the top 10 sectors recorded growth, with the top ten sectors adding value of RMB 487.977 billion, accounting for 85.9% of the total industrial added value.
Shenzhen has made major progress in building premium industries, with the advanced manufacturing industry and the high-tech manufacturing industry adding value of RMB 395.442 billion and RMB 367.5 billion, respectively, up 12.6% and 12.4%. The top 100 industrial enterprises contributed the most by adding value of RMB 348.386 billion in total, up 13.7%.
The service sector saw robust growth, achieving operating revenue of RMB 567.780 billion, up 18.6% (excluding financial, real estate development, wholesale and retail, accommodation and catering sectors).
“Three drivers of economic growth” show strong performance
Investment, consumption and exports, the three major drivers of economic growth, performed strongly. Fixed-asset investment surged 31.1% to RMB 350.198 billion in the first three quarters of 2017, up 0.5 percentage points from the figure in the first half of 2017and 10.3 percentage points higher than the same period of last year. They were also 23.6 percentage points higher than the national level. Infrastructure investment grew 39.5% to RMB 75.563 billion, and real estate development investment increased by 28.4% to RMB 155.432 billion. Commercial residential buildings with a combined area of 4.5769 million square meters were sold, down 11.4%. Investment in non-real-estate development surged 33.4% to RMB 194.766 billion.
Industrial investment and investment in upgrading industrial technologies grew sharply, with industrial investment expanding 55.8% to RMB 59.508 billion. Private investment was up 33.6% to RMB 182.814 billion, 27.6 percentage points higher than the national level.
The consumer market maintained rapid growth, with total retail sales of consumer goods growing 9.1% to RMB 434.280 billion in the first three quarters of 2017, 1.3 percentage points higher than the figure a year earlier and hitting the highest level for the same period since 2014. The wholesale and retail sectors and the accommodation and catering sector registered retail sales of RMB 386.178 billion and RMB 48.103 billion, respectively, up 9.4% and 6.9%. Nine out of the best-selling product categories reported growth.
Imports and exports recorded slow growth. According to customs statistics, total foreign trade grew 6.4% to RMB 1.967429 trillion in the first three quarters of 2017, of which total exports and total imports grew 5.9% and 7.0% to RMB 1.176480 trillion and RMB 790.949 billion, respectively.
Emerging industries underpin economic growth
Emerging industries, new types of business and new business models served as drivers of Shenzhen’s economic growth, with emerging industries (seven strategically emerging industries and four industries of the future) maintaining strong growth.
In the first three quarters of 2017, emerging industries had added value of RMB 626.966 billion (overlapping parts among industries have been removed), up 0.7 percentage point and 3.4 percentage points higher than the figures in the first half of 2017 and in the same period of last year, accounting for 40.7% of GDP. The new-generation IT technology sector added value of RMB 302.911 billion, up 12.3%; the internet sector added value of RMB 74.201 billion, up 20.9%; the new materials sector added value of RMB 30.671 billion, up 17.3%; the bio-industry added value of RMB 20.422 billion, up 20.1%; the new energy sector added value of RMB 47.470 billion, up 14.5%; the energy conservation and environmental protection sector added value of RMB 46.358 billion, up 15.7%; cultural and creative industries added value of RMB 157.608 billion, up 15.1%; the marine sector added value of RMB 28.439 billion, up 17.4%; the aerospace sector added value of RMB 10.474 billion, up 40.2%; life sciences added value of RMB 6.403 billion, up 13.7%; robot, wearable device and intelligent equipment sector added value of RMB 42.550 billion, up 17.8%.
Among new types of business, 195 supply chain companies added value of RMB 11.080 billion, up 6.6% and accounting for 0.7% of GDP, and 1356 newly-established businesses added value of RMB 18.560 billion, up 30.6% and accounting for 1.2% of GDP.
New business models (mainly comprehensive commercial and large entities) added value of RMB 36.230 billion, up 11.5% and accounting for 2.4% of GDP, of which comprehensive commercial entities added value of RMB 6.920 billion, up 17.0%, and large entities added value of RMB 29.310 billion, up 10.3%.