Recent data indicates that Shenzhen has overtaken Guangzhou as the third-largest city in China by multiple measures, and Shenzhen is expected to catch up with Shanghai.
Based on an evaluation conducted by the Guangdong Academy of Social Sciences, Shenzhen has surpassed Guangzhou for general performance.
Moreover, a global power city ranking released by Jones Lang LaSalle, a professional services and investment management company specializing in real estate, also shows that Beijing ranks in third place followed by Shenzhen and Shanghai. Guangzhou is not on the top 20 list.
The report attributes Shenzhen’s upsurge to the city’s fast-growing technology industry.
The manufacturing industry also boosted Shenzhen’s economy. The latest statistics show that Shenzhen Port has the third-highest throughput of containers in the world.
Shenzhen also beats out Beijing, Shanghai and Guangzhou in air quality.
Experts predict that Shenzhen will overtake Shanghai and become the second-largest city in China.
The booming technology industry in Nanshan District, known as China’s Silicon Valley, is drawing domestic and international talent to Shenzhen. The city is also building a new international finance center in the Qianhai area.
Shenzhen’s population has the lowest average age out of all the cities in China. Population growth is the highest among China’s four first-tier cities.
Experts say the government should give more freedom to the free market and allow the city to expand naturally.
Yang Qin, a lawmaker, proposed combining Shenzhen and Zhuhai into a special administrative region because Shenzhen has limited land for further development while Zhuhai has a large space with a small population.
Yang thinks that to continue growth, Shenzhen needs more reform in politics, law and finance.