The Poly Theatre in Shenzhen
Shenzhen's Gross Domestic Product (GDP) for 2014 surpassed 1.6 trillion yuan (US$255 billion) with a year-on-year growth rate of 8.8 percent to remain 4th among mainland cities, Shenzhen Economic Daily reported Thursday.
Shanghai is the leading metropolis in China in terms of GDP at 2.3 trillion yuan, followed by Beijing in second with around 2.1 trillion yuan. Among the top seven cities, Tianjin and Chongqing grew fastest at rates of around 10 and 10.9 percent, respectively.
Shenzhen performed steadily in all economic indices, said a spokesperson for Shenzhen Municipal Statistics Bureau.
Though the city’s general economic development in the first two seasons of 2014 was relatively mild, ranking in 6th place nationwide, Shenzhen managed to retain fourth place by the end of the year.
“The reason behind the trend is that factories in Shenzhen started to work later than other cities, as most of the workers returned from their hometowns after a long Spring Festival holiday,” said the spokesperson.
Industrial development increased steadily with a growth rate of 8.4 percent, 0.1 percent higher than the national average. More specifically, the manufacturing industries of telecommunication, IT and other electronic devices grew rapidly, with a growth rate of 14 percent.
Investment of fixed assets kept growing despite the weak real estate market. The city’s total investment in fixed assets exceeded 271 billion yuan, growing by 13.6 percent compared to 2013.
The consumer market grew steadily as well, with total retail sales and total sales of commodities reaching 484.4 billion and 2.14 trillion yuan, respectively. Jewelry, stationary and telecom devices were the top three types of commodities whose sales figures grew fastest.
However, the total value of foreign trade dropped by 9.2 percent from 2013 to 487.7 billion yuan, largely due to overestimated figure in 2013 that resulted from fraudulent dealings. The total value of import and export trade would have increased by 9.8 percent if the fraud had been removed from the 2013 data.