Shenzhen's Yuehai Street houses tech giants, serves as testament to city's opening-up achievements

Source: Global Times Published: 2020/8/26 18:38:41

Major tech companies ZTE, Tencent, and DJI call Shenzhen's Yuehai Street home. Located in the famous Nanshan district, the innovation hub is full of activity from daylight to nighttime. Owing to its small size and prominence in China's tech industry, Yuehai Street is known as an "ant that creates an elephant-sized fortune."

In 2018, Nanshan district's GDP reached 501.8 billion yuan ($72.7 billion) while Yuehai Street's GDP reached more than 250 billion yuan. As of June 2019, Nanshan has 156 listed companies, with more than half headquartered in Yuehai.

During morning peak times, employees of high-tech companies can be seen rushing to work. There is a breakfast stall every 100 meters on Yuehai Street. Employees purchase a set meal with e-payment apps on their phones before picking up a packed breakfast. By 11 pm, many skyscrapers are still brightly lit. 

When China established the Shenzhen Special Economic Zone 40 years ago, the city was nothing but a fishing village. The once small coastal village has developed into a metropolis housing 13 million people with its GDP hitting 2.69 trillion yuan, according to statistics from the Xinhua News Agency.

Shenzhen houses eight Fortune 500 companies, including Huawei, Tencent and China Merchants Bank. The city ranks third in the Chinese mainland in terms of the number of such enterprises. Shenzhen is also regarded as an "engine" for the Guangdong-Hong Kong-Macao Greater Bay Area's development into a vibrant world-class city cluster.

People walk out of a subway station to head to their office buildings in Shenzhen, South China's Guangdong Province, on Tuesday. Photo: Li Hao/GT

A young man works on his laptop in a subway car in Shenzhen on Tuesday. Photo: Li Hao/GT

Tech company employees buy breakfast at a tech park in Shenzhen on Tuesday. Photo: Li Hao/GT

Tech company employees play basketball after work in Shenzhen on Tuesday. Photo: Li Hao/GT

Consumers ask questions in a hall run by DJI, China's leading UAV maker in Shenzhen on Tuesday. Photo: Li Hao/GT

Newspaper headline: Tech city

Posted in: IN-DEPTH

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