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 economic performance for the first two months of this year. The data show that in January and February, Shenzhen’s value added by industrial enterprises 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, delivering a good opening.

In the first two months of this year, Shenzhen’s value added by industrial enterprises above designated size rose by 10.4% year over year, accelerating by 5.0 percentage points compared with the full year of the previous year. By industry category, the value added of the mining sector increased by 4.1% year over year, manufacturing grew by 11.3%, and the electricity, heat, gas, and water production and supply industry grew by 5.0%. Among the major categories of industries, special 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 maintained rapid growth; among them, the production of industrial robots, 3D-printing equipment, and lithium-ion battery products rose 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 amounted to RMB 170.564 billion, up 2.6% year over year, accelerating by 0.3 percentage points compared with the full year of the previous year. Recently, Shenzhen’s new-type consumer season was launched. It is reported that this new-type consumer season features a wealth of activities, centered on three monthly themes: “March—Green, Smart, Enjoy Shopping; April—Sports, Health, Enjoy Purchasing; May—Chinese-made Goods Trend, Happy Shopping.” It incorporates 12 emerging consumer hotspots, including AI consumption, first-release economy, trade-in programs for upgrading to new products, low-altitude economy, digital consumption, international consumption, integrated consumption across shopping, business, culture and tourism, dining and food culture consumption, Chinese-made brands’ intangible cultural heritage, sports and health consumption, green consumption, and exhibition and conference activities. Major commercial districts and brand merchants across the city take turns to make appearances and roll out a series of themed consumption-promotion activities.

It is worth noting that in the first two months of this year, Shenzhen’s fixed asset investment grew by 0.6% year over year, while it fell by 21.7% in the full year of the previous year; after excluding real estate development investment, fixed asset investment across the city grew by 18.4%. By industry, investment in scientific research and technical services grew by 68.5%, investment in residential services, repair and other services grew by 39.1%, and investment in the production and supply of electricity, gas, and water grew by 33.8%.

In the first two months of this year, Shenzhen’s total import and export volume reached RMB 824.234 billion, up 37.3% year over year, accelerating by 35.9 percentage points compared with the full year of the previous 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 foreign-currency and local-currency deposits at financial institutions in Shenzhen (including foreign-funded institutions) was RMB 15446.431 billion, up 10.3%. The balance of foreign-currency and local-currency loans at financial institutions (including foreign-funded institutions) was RMB 10070.991 billion, up 4.4%.

(Editor: Wen Jing)

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                                                            Shenzhen