Shenzhen is expected to have its final consumption accounting for 50 percent of its economic growth, with final consumption expenditure doubling to reach 2.2 trillion yuan (US$321 billion) by 2025, surpassed only by Beijing and Shanghai, forecasts a report released by China Development Institute (CDI), Shenzhen Special Zone Daily reported yesterday.
It is estimated that by 2030, the final consumption expenditure of Shenzhen will exceed 3 trillion yuan and the city will gradually transform into a consumer-oriented society.
Driven by new consumer trends and technology enterprises, Shenzhen’s annual GDP growth rate is expected to reach 6.5 percent in the next five years. The per capita GDP will reach US$35,000 by 2025, exceeding the median of high-income economies, according to the report.
In the next five years, Shenzhen’s new economy is estimated to maintain a constant 9 percent annual growth rate and account for 50 percent of the city’s GDP by 2025. Meanwhile, the new economy sector will create nearly 5 million jobs during the period.
According to the report, intelligent economy, consumer-based economy and digital economy will become the key driving forces of Shenzhen’s economy. Enterprises in these industries will also become the main force of Shenzhen’s development in the next 40 years.
The research team at CDI has also selected 40 local enterprises from the new economy sector that can represent the development of Shenzhen in the next 40 years.
Leading companies include Huawei, Tencent, HiSilicon, ZTE, Lexin, Goodix, Kingdee, Mindray, BGI, DJI, Orbebec, Intellifusion, Ping An Technology, WeBank, and SF Express.