South China's technological powerhouse Shenzhen said Friday that its GDP rose about 7.5 percent year-on-year to surpass 2.4 trillion yuan ($354 billion) in 2018.

The city in Guangdong province sets this year's GDP growth target at around 7 percent, said the government work report delivered by Shenzhen mayor Chen Rugui at the opening meeting of the annual session of the city's People's Congress.

The city has one of the most favorable business environments in China, and with a large number of high-tech companies, it tops all Chinese cities in innovative capability, according to Chen.

Shenzhen, which neighbors Hong Kong, is home to a number of startups and tech heavyweights including Huawei and Tencent.