SOURCE / ECONOMY
Shenzhen's GDP growing 3.1% to $429 billion in 2020
Published: Feb 02, 2021 06:38 PM

Reconstruction of Shenzhen North Railway Station in South China's Guangdong is completed on Friday. Photo: Zhang Dan/GT



Shenzhen's GDP grew by 3.1 percent to reach 2.77 trillion yuan ($429 billion) in 2020, placing the citythe third in terms of GDP aggregate among major Chinese cities that have announcedtheir 2020 GDP growth rates.

According to the Shenzhen city government, the city's GDP growth has climbed steadily to 3.1 percent for 2020, up from a 6.6 percent decline in the first quarter, 0.1 percent growth in the first half of 2020 and 2.6 percent in the first three quarters. 

The data also presented Shenzhen as one of the leading domestic cities in terms of GDP aggregate. Among Chinese cities that have revealed 2020 GDP growth figures so far, Shenzhen ranked the third in GDP volume, only surpassed by Shanghai, which recorded a GDP aggregate of 3.87 trillion yuan and Beijing, whose GDP reached 3.61 trillion yuan last year. It was followed closely by Guangzhou also located in South China's Guangdong Province which achieved a GDP volume of 2.5 trillion yuan. 

In particular, China's robust trade growth, rising partially from coronavirus-triggered economic shutdowns abroad which caused rising demand from China-made electronic products, has contributed to Shenzhen's impressiveGDP aggregate in 2020. Last year, Shenzhen's exports rose 1.5 percent on a yearly basis to 1.7 trillion yuan, while imports rose 3.6 percent year-on-year. 

Overall, China's GDP grew 2.3 percent in 2020, according to data released by the National Bureau of Statistics. So far, only a handful ofcities have yet to reveal 2020 GDP data, including Shijiazhuang of North China's Hebei Province, and Zhuhai, also in Guangdong.

Global Times 


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