China Releases New Master Plan for Shenzhen as a Model City

Shenzhen China

Shenzhen is now to become a "model of high-quality development," according to a recent policy announcement by the Chinese government, and will take on a key role in science and technology innovation in the Guangdong-Hong Kong-Macau Greater Bay Area. The unexpected announcement came as Hong Kong's leaders continue to struggle with containing the huge protests that have been sweeping the city in recent weeks, and are threatening its status as a global financial hub.

Shenzhen is already a major city in south China's Guangdong province, with a population of about 13 million. Last year, its gross domestic product hit Rmb2.42 trillion or $368 billion at that time; and up 7.6% year-on-year. For the first time, the city's GDP exceeded that of Hong Kong which grew only by 3% to $363 billion, in comparison.

The new plan is to make Shenzhen highly competitive globally in terms of comprehensive economic abilities by 2035; and to become a global "benchmark" for competitiveness, innovation and influence by the middle of the century. The city will be granted special leeway to carry out reform and opening-up policies "from a higher starting point, higher levels and with higher goals", according to state-run newspaper Global Times.