Shenzhen Surpasses Guangzhou as South China’s Richest City

By Adam Robbins, December 7, 2017

1 0

Soak it in, Shenzhen: we’re number three! 

Guangdong’s Statistics Bureau just released new numbers for 2016 and they rank the home of China’s first special economic zone (SEZ) as third richest city in the nation.

Shenzhen now joins Beijing and Shanghai in the exclusive club of cities with GDP over RMB2 trillion. Guangzhou, with RMB1.98 trillion, just barely missed the mark. 

The new figures reflect an accounting change that counts R&D as a fixed investment rather than an operating expense, according to South China Morning Post

That gave tech-forward Shenzhen the edge and a new annual growth rate of 9.1 percent. Though larger and more established, Guangzhou’s economy is focused on older industries like oil and vehicle production, Asia Times reports.

Of course, take all this with a grain of salt. Provincial statistics always add up to more than China’s total GDP, a magical gestalt that might be fixed when the National Bureau of Statistics takes over regional record keeping in 2019. 

READ MORE: Shenzhen Economy to Surpass Hong Kong by 2018

[Image via Wikicommons]

more news

Internet Celeb Arrested for Selling Fake Products Online in Shenzhen

At one point, she was reportedly able to rake in millions within just minutes.

Shenzhen, Zhongshan Among 27 New 'Forest Cities'

Shenzhen and Zhongshan are the latest Guangdong cities to officially be named 'forest cities' by the National Forest and Grassland Administration.

Voting Now Open for That's Food & Drink Awards 2018 in Shenzhen

It’s that time of year again, foodies – time to vote for your favorite bars, restaurants and cafes in our annual That’s Food & Drink Awards!

This Stunning 1.2km Sky Garden is Being Built in Shenzhen

Check out this fantastic green space, proposed to be built in Shenzhen's Qianhai Free Trade Zone.

2 Expats Face Investigation in Shenzhen for Racist Comments in WeChat Group

The two foreigners made reference to the Nanjing Massacre atrocity, while also using the slur 'Chink' on multiple occasions.

Netizen Arrested in Shenzhen For Rumor That AIDS Patients Can Donate Blood

A Weibo user was arrested for spreading rumor that AIDS patients can donate blood in Shenzhen.

Shenzhen Deputy Party Secretary Under Investigation

Li is yet another high-ranking official that has abruptly come under investigation by the CPC’s Central Commission for Discipline Inspection.

Falling RMB Value Prompts School to Hike Tuition in Shenzhen

The increase covers a RMB53,159 rise in tuition fees for the year, a fee that parents have been asked to shoulder.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at ThatsShenzhen for events, guides, giveaways and much more!

7 Days in Shenzhen With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's PRD!

Visit the archives

Get the App. Your essential China city companion.