The US nominal GDP reached $20.5 trillion during 2018. Shenzhen is a major sub-provincial city on the east bank of the Pearl River estuary on the central coast of southern Guangdong province, People's Republic of China. Shenzhen GDP Growth Rate Lowest Since 1979 January 17, 2013 Posted by China Briefing Reading Time: 2 minutes Jan. 17 – The Shenzhen government has issued a 9 percent GDP growth rate target for 2013, down from the 10 percent achieved last year and against a background of the city mayor, Xu Qin, stating that “double digit growth rates are in the past.” In this article, we will share the charts and data for the Gross Domestic Product (GDP) related indicators of People’s Republic of China (PRC). It grew at an accelerated pace through improved infrastructure, such as water, sewage and roads, and wielding funds raised by actively lending sites for industrial development to companies. This content was commissioned by Nikkei's Global Business Bureau. Before the Chinese government introduced several economic growth reforms in 1979, the average annual real GDP growth rate in China was estimated at 5.3% (from 1960-1978) according to the Congressional Research Service. ©, Shenzhen illuminated. A bank employee who has worked in both Beijing and Shenzhen said, "Regulatory authorities in Beijing always told us to follow the rules and regulations anyway, but bureaucrats in Shenzhen first asked us whether we had any trouble.". These population estimates and projections come from the latest revision of the UN World Urbanization Prospects.These estimates represent the Urban agglomeration of Shenzhen, which typically includes Shenzhen… To attract foreign companies, the first four special economic zones, or SEZs, were created in 1980 and 1981 in Shenzhen, Zhuhai, and Shantou, all in Guangdong Province, and Xiamen in Fujian province. Real GDP shows what GDP would have been in each year if it were priced in 2012 dollars. Shenzhen's GDP grew by 3.1 percent to reach 2.77 trillion yuan ($429 billion) in 2020, placing the citythe third in terms of GDP aggregate among major … This records an increase from the previous number of 2,249.006 RMB bn for Dec 2017. In terms of GDP growth between 1980 and 2019, Shenzhen far exceeds Zhuhai and Xiamen, let alone the entire nation. zones in 1980. Shenzhen established base stations for 5G mobile phones across its cityscape in mid-August ahead of other places in China. Shenzhen in Guangdong province ranked first among the cities with the strongest per capita GDP in 2019, hitting $29,498, followed by southeastern cities Wuxi and Suzhou in Jiangsu province, seeing per capita GDP of $26,100 and $25,900, respectively. Jiang Zemin and Hu Jintao, for example, attended ceremonies marking its 20th and 30th anniversaries, respectively, though after the actual date. Based on estimates, the population of Shenzhen is expected to reach over 15 million by 2035. Shenzhen also has its own stock exchange – the Shenzhen Stock Exchange. Shenzhen ranked first among Chinese cities in terms of per capita gross domestic product (GDP) last year at 203,489 yuan (US$31,000), based on its … We will provide the charts and data for China’s Nominal GDP, Nominal GDP per capita, GDP on a Purchasing Power Parity (PPP) basis, GDP PPP per capita, and Real GDP Growth. The chart below provides the US GDP data from 1980 to 2020. It forms part of the Pearl River Delta megalopolis, bordering Hong Kong to the south, Huizhou to the northeast and Dongguan to the northwest, and shares maritime boundaries with Guangzhou, Zhongshan and Zhuhai to the west and southwest across the estuary. With young people flocking to Shenzhen, the average age of residents is 32, lower than China's median age of 38. To commemorate the establishment of the Shenzhen SEZ, it has been a matter of convention for Chinese presidents to visit the city to mark major commemorations. The city has also produced many influential private companies, including telecoms equipment giant Huawei. But it is now facing unprecedented headwinds due to economic and political confrontation between the U.S. and China as well as issues surrounding Hong Kong. It has a subtropical climate. In 2010 the annual growth rate stood at 10.4%. Aerial photo taken on Aug. 13, 2020 shows a view of Shenzhen, south China's Guangdong Province. Between 1980 and 2016 Shenzhen’s GDP in real terms grew at an average annual rate of 22% and today stands at 2trn yuan. Shenzhen trails only Shanghai and Beijing in China for overall GDP, ranking third at RMB 2,422 billion (US$366.03 billion) per year, its growth having eclipsed Hong Kong in 2018. Shenzhen in numbers Shenzhen transformed from a fishermen’s village of 30 000 inhabitants in 1970 to China’s third largest city with over 12 million inhabitants in less than 30 years Shenzhen’s GDP grew by 9% in 2016, above the national average of 6.7% Shenzhen’s population is very young, with over 90% averaging 34 years old In July, the municipal government announced a plan to spend public and private funds totaling 411.9 billion yuan by 2025 to build infrastructure, such as a high-speed telecom network and a data center, to vitalize the IT and manufacturing industries. 2.1 GDP and Per Capita GDP of Shenzhen, Selected Years, 1980–200858 2.2 Contribution of Industry to GDP Growth in Shenzhen, 1979–200859 2.3 The Changing Economic Structure of Shenzhen, Selected Years, 1980–200860 2.4 Growth of Shenzhen’s Foreign Direct Investment, Selected Years, 1979–200861 That's how it removes the effect of inflation. It became the biggest shipper of smartphones in the April-June quarter. Shenzhen's gross domestic product totaled 2.7 trillion yuan (about 40 trillion yen) in 2019, the third-biggest in China after Shanghai and Beijing. The GDP value of China represents 11.81 percent of the world economy. Foreign-owned electronics manufacturers and other companies seeking cheaper labor set up operations in Shenzhen via Hong Kong. Per capita GDP is an important indicator of a region's economic wellbeing. The reason was that the IT industry in Shenzhen was bred under the environment of SEZ, the diversity brought by a large amount of immigrants, and the strong support by the government. United Nations population projections are also included through the year 2035. The administration of U.S. President Donald Trump has imposed a government-wide ban on contractors using Huawei products and is also urging Washington's allies to reject the Chinese tech giant. China’s CN: GDP: Guangdong: Shenzhen data was reported at 2,422.198 RMB bn in Dec 2018. China's then leader Deng Xiaoping introduced a policy of reform in 1978 to bolster the country's economy devastated by the Cultural Revolution launched by Mao Zedong in 1966. China’s CN: GDP: Guangdong: Shenzhen data is updated yearly, averaging 166.937 RMB bn from Dec 1979 to 2018, with 40 observations. Shenzhen grew exponentially and its GDP per capita grew 24,569% from 1978 to 2014. © Reuters, Jack Ma's Ant Group sets aim for world's largest IPO, China's Five-Year Plan, Macao tourism bump, Taiwan-US 5G forum, Hong Kong security law sparks race for Asia's next financial capital, China's stock market rally gets extra push from foreign investors, Fluency in Mandarin becomes key to Hong Kong bankers' success. the GDP of IT products in Shenzhen grew from 300 billion CNY in 2004 to 800 billion in 2008 [8]. You'll notice that nominal and real GDP are the same in 2012. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. Get trusted insights from experts within Asia itself. Furthermore, the sale of the right to use state-owned land to the private sector at auction and the bankruptcy of companies were implemented in the city earlier than anywhere else in the country. Shenzhen Now Average Yearly Income, 2017: $13,997 USD. Until recently, Shenzhen was a fishing village with just over 30,000 people. The electronics parts manufacturing and distribution industries still flourish in Shenzhen, attracting domestic and foreign manufacturers. In 1980, under the leadership of Deng Xiaoping, Shenzhen became one of China's Special Sign up to our newsletters to get our best stories delivered straight to your inbox. In 2019, the gross domestic product (GDP) at current prices of the city of Shenzhen in China amounted to around 2.69 trillion yuan. The current base year is 2012. It is expected to slap a ban on Tencent's WeChat messaging app, which has 19 million users in the U.S. The Trump administration is also working to cut back on the supply to Huawei of semiconductors and software using American technologies. {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}}. Shenzhen’s ecological changes are typical for cities that have gone through rapid industrial developments. SZ DJI Technology, a world-leading manufacturer of commercial unmanned aerial vehicles, or drones, is chalking up large profits in the U.S., Japan and other developed countries. GDP Per Capita in China, Guangdong, Pearl River Delta and the City of Shenzhen 1980-2006 Year China Guangdong Pearl River Delta City of Shenzhen 1980 (RMB) 463 481 500 835 The Gross Domestic Product (GDP) in China was worth 14342.90 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. The current metro area population of Shenzhen in 2021 is 12,592,000, a 1.9% increase from 2020. The data reached an all-time high of 2,422.198 RMB bn in 2018 and a record low of … It is just north of Hong Kong. In terms of GDP growth between 1980 and 2019, Shenzhen far exceeds Zhuhai and Xiamen, let alone the entire nation. Shenzhen thus became a model city for the policy of "reform and opening-up.". Over the last 20 years, GDP of China grew substantially from 1,333.67 to 15,222.16 billion US dollars rising at an increasing annual rate that reached a maximum of 29.10% in 2007 and then decreased to 3.33% in 2020. Chart and table of population level and growth rate for the Shenzhen, China metro area from 1950 to 2021. Shenzhen was once a lonely fishing village, but began to develop rapidly after being designated for special treatment. To calculate real GDP, the BEA starts with a reference year. Dubai Now UAE GDP 2017: $689 billion USD. … China GDP Data and Charts 1980-2020 Read More » GDP per capita is gross domestic product divided by midyear population. In 2020, GDP for China was 15,222.16 billion US dollars. Shenzhen is one of the fastest growing cities in China. IMF estimates the US GDP to reach $21.3 trillion during 2019 and $22.2 trillion during 2020. US GDP Per Capita 1980-2020. Shenzhen's 2021 population is now estimated at 12,591,696.In 1950, the population of Shenzhen was 3,148.Shenzhen has grown by 234,876 since 2015, which represents a 1.90% annual change. Water pollution was once the city’s gravest problem. GDP per capita of China increased from 1,045 US dollars in 2001 to 10,839 US dollars in 2020 growing at an average annual rate of 13.35%. GDP per capita: 203,000 RMB (31,800 USD) In 1980, under the reform and opening up policy, Shenzhen was appointed as a special economic zone in southern China for its favorable location. Workers who came to the city to find jobs at local factories and their children subsequently contributed to the growth of telecom and internet companies. In 2020, GDP per capita for China was 10,839 US dollars. "The secret of Shenzhen's growth is that the government did not interfere in the private economy," said a researcher at the State Council, China's cabinet. However, per capita GDP in Hong Kong in 2018 was HK$381,870, equal to around 322,000 yuan according to the annual average exchange rate, and remains above Shenzhen's 200,000 yuan. The policy was aimed at reviewing the emphasis on socialist-style economic planning and leaving the movement of people and money up to the market. But because of the presence of global companies Shenzhen is more seriously affected by U.S.-China friction. US GDP 1980-2020. (Photo by Masayuki Terazawa), Robotic vacuum cleaners are assembled at a factory in Shenzhen on Aug. 9, 2019. Singapore 1960 ... Dubai 1980 UAE GDP 1980: $75 billion USD. As the chart above shows there have been some steep inclines and drops in China's GDP growth rate with the effect of the global recession showing in 2008 when th… Shenzhen’s GDP has surpassed Hong Kong’s Shenzhen’s gross domestic product in 2018 overtook Hong Kong’s for the first time, partly because of its booming high-tech industry. Others include Tencent Holdings, aggressively investing in video game developers, including U.S.-based Epic Games, which is known as the developer of Fortnite, and fintech companies. Looking at Shenzhen's GDP growth powerfully demonstrates this: According to Xinhua, Shenzhen has seen its GDP grow 20.7 percent on average annually over the past 40 years with its GDP per capita starting at less than 1,000 U.S. dollars and reaching 30,000 dollars today. With the situation in Hong Kong growing strained, attention is increasingly focused on when President Xi Jinping will visit Shenzhen and what he will say in his message for the 40th anniversary. Shenzhen 1980 Average Yearly Income, 1980: $137 USD. In the 40 years since it became a special economic zone, Shenzhen’s population grew 42-fold and its GDP grew 14 times of what it was in 1980, all of which placed extraordinary burden on the environment. Shenzhen (Chinees: 深圳; pinyin: Shēnzhèn) is een miljoenenstad en een stadsprefectuur in China, gelegen aan de grens met Hongkong in de provincie Guangdong, in het zuiden van China.Er wonen 11,4 miljoen mensen in Shenzhen, dat een van de snelst groeiende steden op aarde is.De stad is onderdeel van de agglomeratie rond Kanton, de Pearl River Delta. During 2018, the US GDP per capita was $62,606. 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Many global companies were born in Shenzhen. With the law expected to weaken Hong Kong's competitiveness, Shenzhen will likely suffer a considerable impact if the inflow of capital and people from next door slows. Although Shenzhen has become a major Chinese city, conditions for obtaining a family register there are easier than in Beijing and Shanghai. Special economic zone and tech hub on the front line of US-China confrontation. China dynamo Shenzhen's GDP swells 10,000-fold in 40 years, Workers check the quality of TVs at a plant in Shenzhen in 1982. As a testing ground for market-oriented reforms, Shenzhen has led the Chinese economy and seen its own economic size balloon a staggering 10,000-fold in the past four decades. Loose regulations have served as a catalyst for Shenzhen's astonishing growth. The enforcement of a new national security law in Hong Kong is also adversely affecting Shenzhen, which has benefited greatly from the role of the neighboring city -- a former British colony -- as a key gateway to mainland China under the formula of "one country, two systems." And with a history of just 40 years, Shenzhen is also attractive as a new "immigrant city" made up of people from all over China. Dive Deeper: Check out our recently published posts. Zhuhai and Xiamen saw GDP surge 1,600-fold and 900-fold, respectively, between 1980 and 2019, while the total size of China's economy soared 216 times during the same period. It is the eighth largest in … Nikkei Inc. No reproduction without permission. Thanks to this policy, Shenzhen rapidly developed from being a fishing … One is Huawei Technologies, the world's largest manufacturer of telecom base stations with a global market share of more than 30%. 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SHENZHEN -- Aug. 26 marks the 40th anniversary of the designation of Shenzhen in the southern Chinese province of Guangdong as a special economic zone. © Reuters, Chinese President Hu Jintao attends a ceremony to commemorate the 30th anniversary of the Shenzhen Special Economic Zone in 2010. As a result, Shenzhen has become an industrial center for processing trade. Shenzhen (Chinese: 深圳) is a city in Guangdong province, China. Shenzhen surpasses US$338 billion GDP mark in 2017, beats Hong Kong and Singapore’s growth Image showing Beijing-Hong Kong-Macau expressway in the Futian district in Shenzhen… Stay ahead with our exclusives on Asia; the most dynamic market in the world. A sense of crisis is growing among Shenzhen officials as soaring labor expenses and a real estate bubble have already made the city less attractive to manufacturers planning to build new plants.