Abstract
The adjustments being made in China’s economic growth model have national, regional, and local dimensions for the progress, specifics, and results of the adjustments made in the economic growth model to be followed and analyzed by the central government on the scale of the country’s economy in general and in particular regions. In this context, the experience of economic development of Shenzhen in recent years is of considerable interest. From 2011 to 2013, Shenzhen’s economy developed under constraints, the most painful of which were brought about by the worsening world market and growing labor costs in China. These circumstances forced the municipal authorities to start looking for hidden internal forces to drive the economy on. As a result, Shenzhen’s economic growth and the economic growth model implemented on the ground in the city between 2011 and 2013 look similar to the developments and trends recognizable across China and, in a way, are different. The author follows the significant developmental trends in manufacturing and services in Shenzhen over the last few years.
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Notes
- 1.
Xin Hua, an expert in the management of the economy, who did research in Shenzhen, estimated that the aggregate investments, consumption, and exports were quite significant in the city in the early 1990s, peaking in 1992. In the period from 2001 to 2004, their contribution to the GRP leveled out at between 40 and 50%. Xin Hua, “The Resource Balance, Bearing Props, and Beneficiation of Production. A Study of Trends in the Future Development of Shenzhen and the Zhu Jiang Delta,” Beijing, 2010, Foreword, pp. 53–54 [in Chinese].
- 2.
http://sz.people.com.cn/GB/13746988.html. Retrieved on February 6, 2011.
- 3.
See: Report on the Economic Development of Shenzhen 2012 [in Chinese], Beijing, 2012, Foreword, p. 1.
- 4.
On January 1, 2008, a standardized income tax rate of 25% was imposed on all enterprises in China. Enterprises in the Shenzhen SEZ that had paid income tax at a preferential rate of 15% were now to pay it incrementally at 2–3% points every year, 18% through 2008, 20% in 2009, 22% in 2010, 24% in 2011, and 25% in 2012 and on. Enterprises that had a high export quota (70% or more) and manufactured high-tech products retained their tax benefits. Xin Hua, Op. cit., p. 87.
- 5.
Report on the Economic Development of Shenzhen 2012, Foreword, p. 1.
- 6.
China Statistics in Brief 2012 [in Chinese], Beijing, 2012, p. 50; China Statistics in Brief 2013 [in Chinese], Beijing, 2013, p. 50; http://sz.people.com.cn/n/2014/10120/c202846-20431058.html.
- 7.
- 8.
Report on the Economic Development of Shenzhen 2012, pp. 35 and 13.
- 9.
Ibid., p. 3.
- 10.
- 11.
- 12.
Calculated from: http://sz.people.com.cn/n/2014/10120/c202846-20431058.html.
- 13.
Report on the Economic Development of Shenzhen 2012, p. 12.
- 14.
- 15.
Report on the Economic Development of Shenzhen 2012, p. 31.
- 16.
- 17.
Report on the Economic Development of Shenzhen 2012, pp. 78–81. It is indicative, in a way, that the illustrated Fenghuang (Phoenix) magazine is published and circulated widely in Shenzhen, of all places.
- 18.
Xin Hua, Op. cit., p. 87.
- 19.
Renmin ribao, April 1, 2013.
- 20.
Xin Hua, Op. cit., p. 85.
- 21.
On July 22, 2013, a 25.84 billion yuan worth of stocks of innovative enterprises was traded in Shenzhen, where a total of 96.55 billion yuan (approximately $15 billion) in stocks was traded on the same day. http://sz.people.com.cn/n/2013/0722/c202846-191249441.html.
- 22.
Report on the Economic Development of Shenzhen 2012, p. 129.
- 23.
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Portyakov, V. (2017). Shenzhen’s Economy in the Context of China’s Changing Growth Model. In: Yuan, Y. (eds) Studies on China's Special Economic Zones. Research Series on the Chinese Dream and China’s Development Path. Springer, Singapore. https://doi.org/10.1007/978-981-10-3704-7_5
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DOI: https://doi.org/10.1007/978-981-10-3704-7_5
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