With 3,030 national-level high-tech companies in Bao’an, the district tops all districts and counties in Guangdong Pro-vince and is a bellwether district helping conventional industries release new economic energy, the Shenzhen Special Zone Daily reported yesterday.
Bao’an is estimated to generate 175 billion yuan (US$25.68 billion) in GDP, an increase of 8 percent, in the first half of 2018, according to the report. Industrial investment has maintained rapid growth at 25 percent.
Large enterprises in Bao’an are active contributors to the district’s booming economy. For instance, China Communication Technology Co. Ltd. (CCT Group), which is headquartered in Bao’an, has acquired a telecommunications operator with a 53-year history in the Philippines, further expanding its business in Southeast Asia.
The report also attributed the economic success in Bao’an to the district’s determination to develop the real economy and industrial manufacturing industries with encouraging policies.
The district government adopted a set of policies earlier this year to optimize the business environment in Bao’an, particularly focusing on expanding and ameliorating urban space for industrial development.
With the favorable policies, 12 enterprises expanded their industrial space and achieved high-speed growth.
The district also cleared 1,349 enterprises and 17 industrial areas that failed to meet environmental standards to make space for those companies with satisfactory production. A total of 527,000 square meters had been vacated by July 12.
Bao’an is home to a large number of small and medium-sized enterprises (SMEs), and some companies with potential are expected to become industry giants when provided with good policies and opportunities.
For instance, Han’s Laser is becoming a globally renowned manufacturer of laser products. The company is building a global base of intelligent laser manufacturing in the greater airport region of Bao’an District.
Consumption has also become a new highlight of the district’s economic development. The Uniwalk mall is Shenzhen’s largest shopping mall with a daily visitor flow of 100,000 over the first six months of 2018.
The district’s total retail sales of consumer goods in the first half of 2018 is estimated to reach 40 billion yuan, an increase of 8.6 percent. The district will continue to release more policies to encourage consumption.