22-Jan-19, Asia Times
China’s tech boomtown of Shenzhen has eased Hong Kong out of Asia’s top five cities as measured by annual economic output in 2018. The burgeoning southern metropolis booked a gross domestic product of RMB2.4 tn (USD352.6 bn) in 2018, representing a year-on-year surge of 7.5%.
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Image: Twitter
Shenzhen Mayor Chen Rugui noted that Shenzhen would be “among Asia’s top five cities with the largest annual GDP.” Chen also outlined Shenzhen’s aggressive plans to add some 1,000 kilometers of metro lines and another 1,000km of high-speed rail lines within the next 20 years.
The demand for new offices is driven by Shenzhen’s strategic and emerging industries – which includes such fields as information technology, biotechnology, new materials, finance and trade – which contributed 60% of the 2018 GDP figure.