Shenzhen SEZ, China

What Is Shenzhen SEZ, China?

Shenzhen Special Economic Zone (SEZ), China, is a leading business, innovation, and financial center in China. Shenzhen's quickly developing economy is portrayed by three industries: transportation and logistics, high technology, and financial services. Shenzhen is a world leader in transportation and supply chain and has the world's fourth most active compartment port starting around 2019.

Figuring out Shenzhen SEZ, China

The Shenzhen SEZ is unmistakable by its monstrous industrial parks, for example, Huawei Tech City where liberal R&D investment has made a global innovation center. To service the developing requirements of the transportation and high-tech industries, and as a principal access point for foreign investment into central area China from Hong Kong, Shenzhen has developed into one of the leading financial centers in China.

The Growth of the Shenzhen SEZ

When a small, old town with a population of 30,000 as of late as the 1970s, the modern city of Shenzhen has developed into a cutting edge tech and financial global epicenter. In 1980, the then-Communist Party leader Deng Xiaoping designated the southern town as one of four SEZs. SEZs get special tax benefits and particular treatment for foreign investment. Shenzhen developed dramatically and its GDP per capita became 33,479% from 1979 to 2019. Shenzhen's GDP outperformed U.S.$381 billion out of 2019 due to its fruitful tech sector, and this growth surpassed that of Hong Kong and Singapore.

From that point forward, the city has developed and presently has over 13.4 million occupants. Mandarin is the official language of the zone, however Cantonese and English are widely spoken. Decisively situated in Guangdong territory, in the Pearl River region, and nearby Macau and Hong Kong, Shenzhen is a principal entryway into central area China. Shenzhen, when thought about a sweatshop mecca, is currently the hey tech home of leading Chinese tech firms, for example, the internet goliath Tencent, telco Huawei, and the robot maker DJI. Shenzhen is additionally home to the Shenzhen Stock Exchange and is quite possibly of the most active financial center in the world.

China's Dominance in the Technology Race

China is leading the tech innovation race by investing vigorously in tech R&D. The China Daily reported that more than 4.2% of Shenzhen's GDP was spent on R&D by 2020.

In April 2017, President Xi Jinping of China announced that a small agricultural area called Xiongan would be the next SEZ and is expected to turn into another technology and innovation hub loaded tech startups, learning foundations and the most recent transportation.