The city of Shenzhen north of Hong Kong grew its gross domestic product by 8.8% in 2017 to RMB2.2 trillion, the Shenzhen Special Zone Daily newspaper reports. Equivalent to US$388 billion, Shenzhen's economy may now be bigger than that of Hong Kong, at US$320 billion in 2016, and of Singapore, at US$297 billion in the same year.
Hong Kong and Singapore have yet to report economic figures for 2017, but their economy is believed to have expanded 3.7% and 2.5% respectively last year, which are not enough for them to stay ahead of Shenzhen.
According to the Shenzhen Daily, more than 40% of Shenzhen's output last year was accounted for by Internet, biotech and telecom businesses. The equivalent of 4.1% of the city's GDP is spent on research and development, compared with less than 1% in Hong Kong and 2% in Singapore.
"In nominal terms, Shenzhen has doubled its economic output in just six years -- the city's nominal GDP was 1.1 trillion yuan in 2011," notes Hong Kong's South China Morning Post. Shenzhen has now cemented its role as the economic engine of the envisioned Greater Bay Area, said the paper. The proposed regional scheme will link 11 cities in the Pearl River Delta with a total population of 68 million people, including Shenzhen, Hong Kong, Macau, Guangzhou and Zhuhai.