The Shenzhen economy showed a strong start in the first two months of this year, achieving a good beginning.

Securities Times Reporter Wu Jiaming

On March 26, the Shenzhen Statistical Bureau released the economic operation situation for the first two months of this year. The data shows that from January to February, the city’s industrial added value above the designated size grew by 10.4% year-on-year, and fixed asset investment turned from decline to growth, marking a strong start for the economy.

In the first two months of this year, the industrial added value above the designated size in Shenzhen increased by 10.4% year-on-year, accelerating by 5.0 percentage points compared to the entire previous year. By sector, the mining industry’s added value grew by 4.1% year-on-year, manufacturing increased by 11.3%, and the electricity, heat, gas, and water production and supply industries grew by 5.0%. Among major industry categories, specialized equipment manufacturing grew by 18.1%, computer, communication, and other electronic equipment manufacturing increased by 14.2%, electricity and heat production and supply grew by 11.3%, and general equipment manufacturing rose by 7.8%. The output of high-tech products maintained rapid growth, with industrial robots, 3D printing equipment, and lithium-ion battery products increasing by 123.1%, 71.0%, and 30.1% respectively.

In terms of consumption, the total retail sales of consumer goods in Shenzhen reached 170.564 billion yuan in the first two months of this year, a year-on-year increase of 2.6%, accelerating by 0.3 percentage points compared to the entire previous year. Recently, Shenzhen launched its new consumption season. It is reported that this new consumption season features three major monthly themes: “March Green Intelligent Shopping, April Sports Health Fun Shopping, and May Domestic Goods Trendy Shopping,” incorporating AI consumption, premiere economy, trade-in, low-altitude economy, digital consumption, international consumption, cultural and tourism integration consumption, dietary culture consumption, domestic goods intangible heritage, sports health consumption, green consumption, and exhibition activities among 12 new consumption hotspots. Major business districts and brand merchants across the city are rolling out a series of themed promotional activities to boost consumption.

Notably, in the first two months of this year, Shenzhen’s fixed asset investment grew by 0.6% year-on-year, compared to a decline of 21.7% for the entire previous year; excluding real estate development investment, the city’s fixed asset investment grew by 18.4%. By industry, investment in scientific research and technical services grew by 68.5%, investment in resident services, repair, and other services grew by 39.1%, and investment in electricity, gas, and water production and supply grew by 33.8%.

In the first two months of this year, Shenzhen’s total imports and exports reached 824.234 billion yuan, a year-on-year increase of 37.3%, accelerating by 35.9 percentage points compared to the entire previous year. Among them, exports amounted to 494.363 billion yuan, an increase of 35.5%; imports were 329.870 billion yuan, up 40.0%. As of the end of February, the balance of deposits in domestic and foreign currencies of financial institutions in Shenzhen (including foreign-funded) was 15.446431 trillion yuan, a year-on-year increase of 10.3%. The balance of loans in domestic and foreign currencies of financial institutions (including foreign-funded) was 10.070991 trillion yuan, a year-on-year increase of 4.4%.

(Editor: Wenjing)

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                                                            Shenzhen