Economy development in past 18 years

For 18 years since its foundation, the national economy of Shenzhen special economic zone has been growing in a steady, healthy and well-coordinated manner. It has created the world-known Shenzhen speed and Shenzhen efficiency, it has become an area of high economic growth, which is rare in China even worldwide, and realized Deng's visualization to make a century leap within a decade.

The first ten years of the development of the special zone is an important period when industry developed rapidly and economic results got increasingly better. National economy developed continuously and rapidly with industrial structure being adjusted to certain extent. According to statistics, the GNP of the whole city in 1990 increased by 49 times over 1980 when the special zone was first established, reaching RMB 13.5 billion. National income increased by 41.5 times and reached RMB 9.4 billion, an annual increase of 45.5%. GNP per capita increased from RMB 6,084 to RMB 26,047. The income of foreign exchange increased from USD $ 4,505 to USD $ 2.17 billion. The overall labor productivity increased by 8.9 times, from RMB 7,217 to RMB 71,506. While national economy developed continuously and rapidly, the output value, net output value and financial income increased simultaneously.

Without the policy support from the Party Central Committee, it is impossible for Shenzhen to create such great achievements. Deng Xiaoping inspected Shenzhen by himself in 1992 again and put forward the strategy of "Strengthening reform" and the aim of "Striving to overtake four most developed countries in Asia within 30 years", which further promoted the development of Shenzhen so that another peak of Shenzhen economy was formed. National economy developed all-roundly with better economic results in 1992. The GNP of the whole city in 1992 increased by 102.2 times over 1980, reaching RMB 28.43 billion. National income increased by 85 times and reached RMB 19.35 billion. The budgetary financial revenue amounted to RMB 4.3 billion and the total value of export reached US$ 5.097 billion. The total industrial output value amounted to RMB 35.7 billion, hitting record high. The sales rate of industrial products reached an unprecedented rate of 100.8%. The economy of the countryside developed quickly. The total income of the countryside reached RMB 5.14 billion, an increase of 36.6%; net income reached RMB 1.44 billion, an increase of 14.8%; net income per capita reached RMB 5,486, an increase of 13%; Allocated income per capita reached RMB 2.833, an increase of 24.8%. The number of vegetable farms, stock farms, fruit farms and aquatic farms that adopted intensive management reached 1,227. The earnings of foreign exchange through export reached HK$ 1.014 billion. The output of other main agricultural products increased steadily. The industrial working capital turnover quickened from 2.3 times to 2.54 times. Sales volume of commercial commodity per capita increased from RMB 382,000 to RMB 469,000 and the gross sales profit rate increased from 9.27% to 10.35%.

Shenzhen City has greatly developed market economy and system during the practice of reform to bring the important functions of market regulation into play so that a market system full of vitality and corresponding market operation mechanism have gradually been formed. After unceasing development and adjustment, the industrial structure of Shenzhen has become increasingly reasonable. An industrial structure that is different from that of inland areas and foreign countries has been preliminarily formed.

In 1997, the GNP of the whole city amounted to RMB 113 billion, an increase of 16% over the previous year. The proportion of three kinds of industry is 1.4:49.3:49.3. The industrial structure gradually got close to the modern economy structure of developed countries. The total industrial output value of towns and cities reached RMB 125.5 billion (based on the unchanged value of 1990), an increase of 17.5%. Production to sales rate reached 97%. The comprehensive index of industrial economic results was 178.4. The total value of import and export increased by 19.2% and amounted to USD 45 billion, among which that of export was USD 25.5 billion, an increase of 20.2%. The growth rate ranked first among the middle and big cities for five consecutive years. The investment of fixed assets of the whole society amounted to RMB 39.1 billion, an increase of 19.2%. The local budgetary financial income reached RMB 14.48 billion, an increase of 29.4% by same standard of comparison. The total retail sales of social consumables reached RMB 32.5 billion, an increase of 9.3%. The growth rate of price continued to reduce. The increase rate of the price of residents' consumables was 3.3% and the commodity retail price remained unchanged. The annual average wage of staff and workers actually increased by 11.4%. The living standard and quality was further enhanced. While economy developed quickly, the trend of simultaneous improvement of the quality of economic operation, economic results and people's living standard was maintained. Shenzhen has become the city with quickest economic growth in the whole country and even in the whole world.