China's 'Silicon Valley' showcases itself as a global innovation hub

Shenzhen's latest promotional video, showcasing the city as a global innovation hub, debuted on a big screen in New York's Times Square on Friday. The video is part of an extensive program aimed at attracting international enterprises and projects to the southern Chinese city.

Since the new city's establishment in 1979, Shenzhen, which is often referred to as China's Silicon Valley, has grown to become one of China's most impressive economic miracles.

It ranked fourth in economic competitiveness in the latest report by the United Nations for Human Settlement Programme released in September, following New York, London and Singapore.

The city government of Shenzhen recently announced it would be offering 35 lots of land covering a total of 30 square kilometers for industrial development, especially for large innovation-driven companies and emerging industries to extend and optimize their industrial chains.

"Any enterprise or project that meets Shenzhen's industrial policies and its high-quality development requirements will be guaranteed sufficient space for development," said Nie Xinping, head of the Shenzhen development and reform commission, during a press briefing last month.

Nie said the new move is aimed at bringing in more outstanding enterprises worldwide that can support Shenzhen's long-term development. In return, they can enjoy incentive policies and huge opportunities in the city, which is a major player in the Guangdong-Hong Kong-Macao Greater Bay Area.

Home to a number of industrial leaders, such as Huawei Technologies, Tencent, DJI and Han's Laser, Shenzhen is stepping up efforts to enhance its capability in original innovation. The major industries helping the city to realize its lofty goal include new-generation information technology, high-end equipment manufacturing, the green industry, biomedicine, digital economy, new materials and the maritime economy.

Nie said the government will give sufficient support to the development of high-tech industries in Shenzhen, which will create an innovative chain composed of fundamental research, breakthroughs in cutting-edge technologies, industrialization of technological achievements and financial services for technologies.

High-tech companies in the city have made breakthroughs in artificial intelligence, integrated circuits, biomedicine and new materials, with some of the core technologies leading the world, according to the city government.

Official figures show that the added value of advanced and high-tech manufacturing rose 7.2 percent and 8.1 percent year-on-year in the first three quarters of this year. They accounted for 71.4 percent and 66 percent of the city's total industrial added value.