The Shenzhen economy showed a strong start in the first two months of this year, achieving a good beginning.

Securities Times reporter Wu Jiaming

On March 26, the Shenzhen Municipal Bureau of Statistics released the city’s economic performance for the first two months of this year. The data show that from January to February, Shenzhen’s value added of industries above designated size increased by 10.4% year over year, fixed asset investment shifted from decline to growth, and the economy got off to a strong start, achieving a solid opening.

In the first two months of this year, Shenzhen’s value added of industries above designated size increased by 10.4% year over year, accelerating by 5.0 percentage points compared with the whole of last year. By category, the value added of the mining industry grew by 4.1% year over year, manufacturing increased by 11.3%, and the electricity, heat, gas, and water production and supply industry grew by 5.0%. Among major categories of key industries, specialized equipment manufacturing grew by 18.1%, computer, communications and other electronic equipment manufacturing grew by 14.2%, electricity, heat production and supply grew by 11.3%, and general equipment manufacturing grew by 7.8%. Output of high-tech products has maintained rapid growth; among them, output of industrial robots, 3D printing equipment, and lithium-ion battery products increased by 123.1%, 71.0%, and 30.1%, respectively.

On the consumption front, in the first two months of this year, Shenzhen’s total retail sales of consumer goods reached RMB 170.564 billion, up 2.6% year over year, accelerating by 0.3 percentage points compared with the whole of last year. Recently, Shenzhen launched a new round of the New Consumption Season. It is reported that this New Consumption Season features a wealth of highlights and focuses on three monthly themes—“March: green, intelligent, enjoy-shopping; April: sports, health, fun-shopping; May: domestic-brand tide, enjoy-shopping.” It incorporates 12 new consumption hot spots, including AI consumption, first-released economic activity, trade-in for upgrades, low-altitude economy, digital consumption, international consumption, consumption blending commerce, culture, and tourism, culinary culture consumption, domestic-brand intangible cultural heritage, sports and health consumption, green consumption, and exhibition and event activities. Major commercial districts and brand merchants across the city take turns to roll out a series of theme-driven activities to boost consumption.

It is worth noting that in the first two months of this year, Shenzhen’s fixed asset investment increased by 0.6% year over year, compared with a decline of 21.7% for the whole of last year. Excluding real estate development investment, fixed asset investment in the city increased by 18.4%. By industry, investment in scientific research and technical services increased by 68.5%, investment in residents’ services, repair, and other services grew by 39.1%, and investment in the production and supply of electricity, gas, and water rose by 33.8%.

In the first two months of this year, Shenzhen’s total import and export volume was RMB 824.234 billion, up 37.3% year over year, accelerating by 35.9 percentage points compared with the whole of last year. Of this, exports were RMB 494.363 billion, up 35.5%; imports were RMB 329.870 billion, up 40.0%. As of the end of February, the balance of deposits in local and foreign currencies of financial institutions in Shenzhen (including foreign-funded institutions) was RMB 154,464.31 billion, up 10.3% year over year. The balance of local and foreign currency loans of financial institutions (including foreign-funded institutions) was RMB 100,709.91 billion, up 4.4%.

(Editor: Wen Jing)

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                                                            Shenzhen