The number of newly registered companies in Shenzhen in strategic emerging fields witnessed a year-on-year growth of 11.3 percent to reach 2,683 in October this year, according to the Shenzhen Municipal Enterprise Registration Bureau.
The newly registered businesses are from the city’s seven strategic emerging industries, namely new-generation information technology, digital economy, high-end equipment manufacturing, biomedicine, new materials, green and low-carbon technology, and marine economy.
Ma Chunhui, associate professor with the School of Media and Communication of Shenzhen University, said the rapid growth in the number of new business entities in the city’s strategic emerging industries showed that Shenzhen’s economic development has entered a new stage.
The new stage features accelerated innovation in emerging industries, relative advantages of the high-end manufacturing sector, the backing of the capital market to drive the seven strategic emerging industries and the government’s sustained policy support, according to Ma.
In October, Shenzhen recorded a total of 44,407 newly registered business entities, including 28,332 enterprises and 16,075 privately owned small businesses. By the end of October, there were some 3.51 million business entities in the city.
The new enterprises are mainly located in Bao’an, Longgang, Nanshan, Futian and Longhua districts, accounting for 86 percent of the city’s total newly registered companies.
The newly registered business entities in October are mainly from the tertiary industries such as wholesale and retail businesses, catering and accommodation, leasing and commercial service, information transmission, software and information technology service.
Since the beginning of this year, the dissolution of enterprises in Shenzhen has decreased significantly compared with last year. The city saw no mass dissolution of enterprises due to the pandemic.
According to data from the city’s enterprise registration bureau, 14,750 business entities were dissolved in Shenzhen in October this year, a drop of 25.1 percent and 28.6 percent on a yearly basis and a monthly basis, respectively.