Shenzhen booms as population surges

Shenzhen posted a 6.4 percent rise in gross domestic product in the first quarter as its population boomed to a record high last year, according to official data.

The city, home to tech giants like Huawei, BYD and Tencent, posted a GDP of 831.5 billion yuan (HK$917.1 billion), driven by strong growth in foreign trade and increased high-tech industrial output.

Earlier this month, official data showed that China's GDP is up 5.3 percent in the first quarter, well above the 4.6 percent forecast by analysts.

Guangdong province posted a 4.4 percent growth, while Shenzhen's high-tech manufacturing industry improved by 13.1 percent.

Shenzhen's fixed-asset investment grew by 17 percent, with investment in its high-tech manufacturing industry skyrocketing by 106.1 percent.

In terms of consumption, Shenzhen's total retail sales amounted to 246.38 billion yuan, up 4.3 percent.

Notably, Shenzhen's foreign trade increased by 28.8 percent to 1.02 trillion yuan, surpassing the 1 trillion mark for the first time in a decade.

This came after Shenzhen said its GDP grew by 6 percent in 2023 to a new high of 3.46 trillion yuan, faster than other first-tier cities in the mainland such as Beijing, Shanghai and Guangzhou.

Meanwhile, yesterday's data from Shenzhen's statistics bureau showed that its permanent population was 17.79 million at the end of last year, a record high. That represents an increase of 128,300 people, or 0.73 percent, from the end of 2022.

According to the statistical bulletin, Shenzhen's population accounts for 14 percent of the total population in Guangdong province.