Shenzhen led China’s first-tier cities in annual GDP growth rate from 2020 to 2024, Mayor Qin Weizhong said during a press conference about high-quality development today.

Despite an economic downturn and uncertainty, Shenzhen made significant achievements in economic and social development and achieved multiple national “firsts” during the 14th Five-Year Plan (2021-2025), according to the mayor.

Qin said Shenzhen’s economic strength and productivity have risen markedly, with new-quality productivity expanding and major breakthroughs made in science and technology.

Since 2022, Shenzhen’s total industrial output above designated size and industrial added value have ranked first among Chinese cities.

Total R&D expenditure rose from 151 billion yuan (US$21 billion) in 2020 to 245.3 billion yuan in 2024 — an average annual increase of 12.9% — placing Shenzhen second nationwide by total R&D spending and first by R&D intensity, which was 6.67%.

Corporate R&D accounted for more than 93% of the total, topping the country. The Shenzhen-Hong Kong-Guangzhou innovation cluster climbed to the top spot in the latest Global Innovation Index ranking, and PCT international patent filings led all Chinese cities for the 22nd consecutive year.

Shenzhen’s foreign trade expanded from 3.05 trillion yuan in 2020 to 4.5 trillion yuan in 2024, making it the country’s leading city by import-export volume.

The city is home to 1,333 national-level specialized, refined, differentiated, and innovative “little giant” firms, 592 domestic and overseas listed companies, and 42 unicorns — all ranking among national leaders.

Shenzhen’s urban infrastructure and services also advanced significantly. The city’s Metro network now exceeds 600 kilometers and has the highest passenger flow intensity among Chinese super-large cities.

Shenzhen has accelerated construction of a market-oriented, law-based, internationally integrated, first-class business environment, and the number of market entities remains the highest in the country.

Shenzhen has become the world's first city in which ultra-fast EV supercharging stations and charging guns outnumber traditional gas stations and pumps.

On environmental and social fronts, Qin highlighted improved livelihoods. During the 14th Five-Year Plan, Shenzhen’s cumulative spending on nine major livelihood categories reached 1.6 trillion yuan, accounting for nearly 70% of fiscal expenditure.

Expansions of compulsory education seats, hospital beds, and government-subsidized housing during this period exceeded or nearly matched the totals of the previous two five-year plans combined, making high-quality public services more accessible across the city.