Shenzhen

Shenzhen, located in Guangdong Province, China, had a population of 17.5 million in 2020, ranking it as the third most populous city in the country, after Shanghai and Beijing. From a little fishing hamlet to a booming special economic zone in a few decades, this energetic metropolis, on the east bank of the Pearl River estuary, has become a global powerhouse in technology, international commerce, and finance.

The city’s fast development has been much aided by its advantageous position on Guangdong province’s central coast. Shenzhen gains from its closeness to these important economic hubs as bordered by Hong Kong to the south, Dongguan to the north, Huizhou to the northeast, and Macau to the southwest. With the Port of Shenzhen now ranked as the fourth busiest container port worldwide, its favorable location has clearly helped to explain its economic success.

Shenzhen’s past is inextricably entwined with the larger tale of China’s economic changes. Shenzhen’s current territory essentially conforms to the administrative limits of the former Bao’an County, founded during imperial times. Following the Opium Wars, Shenzhen village stayed just beyond the border while the southern section of Bao’an County came under British rule and joined Hong Kong. Shenzhen did not become formally a city until 1979.

Shenzhen underwent a sea change in the early 1980s when Deng Xiaoping’s economic reforms earned it the title of first special economic zone in China. This reputation, together with its close proximity to Hong Kong, drew significant foreign direct investment and a migration flood looking for fresh prospects. Shenzhen became a worldwide center for finance, international commerce, and technology during the following three decades thanks to an unheard-of economic and demographic explosion.

Shenzhen now is evidence of China’s economic might. Among the biggest stock exchanges worldwide by market capitalization, the Shenzhen Stock Exchange calls the city home; the Guangdong Free-Trade Zone also resides here. Its Alpha- (global first-tier) city ranking by the Globalization and World Cities Research Network accentuates its economic importance even further. Shenzhen ranks among the top ten cities with the biggest economy globally because its nominal GDP has exceeded that of its neighboring cities, Guangzhou and Hong Kong.

Shenzhen’s financial industry has exploded; the city currently ranks ninth in the world for largest financial hub and competitiveness. Many Fortune Global 500 firms show this economic vitality; Shenzhen has the seventh-highest number of such headquarters among any cities in the globe. With its second-largest number of skyscrapers among any metropolis worldwide, the city’s skyline—dominated by an amazing assortment of buildings—stands as a visual depiction of its economic strength.

Rising as a worldwide technological center, Shenzhen is now known in media circles as “China’s Silicon Valley”. Numerous small manufacturing and software firms have sprung out of the city’s entrepreneurial energy, creative culture, and competitive business climate. Many of these companies—including Huawei, Tencent, and DJI—have developed into major technological companies. Shenzhen’s leadership in innovation and development has been confirmed by this concentration of technical ability.

Research output of the city clearly shows its dedication to scientific and technical development; it ranks 19th worldwide in terms of scientific research output. Several eminent universities, like Shenzhen University, Southern University of Science & Technology, and Shenzhen Technology University, promote this focus on knowledge and innovation. These organizations are very important in fostering talent and pushing research and development in many different disciplines.

Shenzhen’s position internationally is improved even further by its host city status for several national and international events. The city has effectively planned events such as the China Hi-Tech Fair and the 2011 Summer Universiade, therefore highlighting its ability to host big events and its importance on the world scene.

Shenzhen’s population make-up is among the most arresting features of the city. Many of the people living in the city are immigrants from all throughout China, which adds to a vibrant social fabric. This flood of young, aspirational people has produced a demographic structure that deviates from most other areas of China, therefore injecting vitality and drive into the metropolis.

For Shenzhen, tourism has become much more crucial in recent years. Lonely Planet’s classification of the city as the second-best one to visit in 2019 shows its attraction to tourists. Emphasizing its scientific, fashion, and industrial aspects, the Shenzhen government has developed plans to turn the city into an international travel destination after seeing the promise of this industry.

With total income in 2015 of 124.48 billion RMB (US$17.6 billion), Shenzhen’s tourist sector has seen amazing expansion from 2010, marking a 98.1 percent rise. With 28 percent of the total income coming from overseas visitors, they greatly helped to drive this increase. With 11.63 million visitors in 2015, the city received a 51 percent rise from 2010.

Shenzhen has a wide range of visitor attractions to suit different interests and tastes. Many of these sites are within Overseas Chinese Town (OCT), a region designated as a AAAAA scenic area by the China National Tourism Administration. Popular OCT locations are the Window of the World, Splendid China Folk Village, Happy Valley, OCT East, and OCT Harbour. Combining entertainment with cultural and educational components, these theme parks provide guests special experiences.

Apart from the amusement parks, Shenzhen features several public parks and beaches to offer relief from the city’s bust. Green locations for leisure and recreation abound from People’s Park, Lianhuashan Park, Lizhi Park, Zhongshan Park, and Wutongshan Park. Both residents and visitors looking for sun and water find attraction on the beaches of Dameisha and Xiaomeisha.

With outstanding buildings like the Ping An Finance Centre, KK100, and the Shun Hing Square (also known as Di Wang Tower) commanding the skyline, the modern architecture of the city appeals to visitors as well. These soaring buildings provide observation decks with panoramic views of the city in addition to commercial hubs.

Shenzhen has built a strong hospitality industry to handle the rising tourist count. With 314 star-rated hotels—including major luxury brands like Mandarin Oriental, Park Hyatt, Raffles, and Conrad—the city boasts as of the third quarter of 2022. Along with several select-service chains like Holiday Inn and Courtyard by Marriott, upper-upscale names such as Sheraton, Marriott, and Hilton have also become somewhat prominent in the area. From beach resorts at Dameisha, Xiaomeisha, and Jinshawan (Golden Bay) to urban hotels in important commercial areas, these venues provide a variety of choices.

Under the “13th Five-Year Plan for Tourism Development of Shenzhen,” Shenzhen’s travel sector is set for even more growth ahead. By 2020, this ambitious strategy seeks to raise tourism income to surpass 200 billion RMB and draw 150 million both local and foreign visitors. Beyond foreign guests, the city’s attractiveness is evident from a recent trend showing more and more Hong Kong citizens visiting Shenzhen on weekends, therefore reflecting the city’s rising desirability as a leisure destination for surrounding metropolitan areas.