Shenzhen reports 3.3% growth in 2022

Shenzhen's GDP last year increased by 3.3 percent to a new high of 3.24 trillion yuan ($475 billion) and set a growth target of 6 percent this year, according to the city government's annual work report delivered on Tuesday.

Qin Weizhong, the mayor, delivered the report at the opening meeting of the annual session of the Shenzhen People's Congress. He also said the total imports and exports had exceeded 3.7 trillion yuan. Export volume alone surged by 13.9 percent, first among cities in the Chinese mainland.

Moreover, the city will keep its development momentum in innovation. Spending on R&D in Shenzhen accounted for 5.49 percent of its GDP, 7.25 percent of which was invested in fundamental research projects.

The aggregate actual use of foreign investment last year was 11 billion yuan.

Qin said that high-quality development is the priority in the city's modernization process.

"The government will insist on putting the focus of economic development on the real economy and on accelerating the construction of a world-leading and influential center of advanced manufacturing," he said.

The city is aiming for an investment of 200 billion yuan in the sector this year, an enhancement of about 20 percent compared with last year, especially in strategic emerging industries, such as communication, intelligent devices and high-end medical equipment.