Shenzhen Photo: VCG

 Shenzhen has set a GDP growth target of 6 percent for 2022, after crossing the threshold of 3 trillion yuan ($471 billion) last year. The goal is necessary to anchor the 5.5% growth target for the nation, experts said.

The target was announced along with a slew of indicators for economic and social development in 2022 by the Shenzhen Municipal Development and Reform Commission on Monday.

The added value of large industries is projected to grow by 5 percent, with investment in fixed assets rising by 5 percent, total retail sales of consumer goods by 6 percent and foreign trade by 2 percent.

Shenzhen's GDP exceeded 3 trillion yuan ($471 billion) in 2021, placing it third among major Chinese cities.

The data also presented Shenzhen as one of the leading cities in terms of GDP aggregate in the world, only surpassed by New York, Tokyo and Los Angeles, and at a level similar to Shanghai, London, Paris, Beijing, Chicago, Philadelphia and Houston, according to media estimates.

Shenzhen is an important hub for the country’s dual circulation strategy and one of the main engines of economic development, accounting for about 2.7 percent of the country's GDP, Liang Haiming, chairman of China Silk Road iValley Research Institute, told the Global Times on Monday.

Shenzhen’s GDP target of 6 percent will not only contribute to the stable growth of the local economy, but will also help to achieve China’s 5.5 percent GDP growth target and provide useful experience to other cities by stimulating new impetus through deepened reform and opening up, Liang said.

Shenzhen was hit by a new outbreak of COVID-19 in March, but now the city has resumed work and production in an orderly manner. 

Liang believes that Shenzhen is able to recover and adjust itself after hitting the pause button to deal with the outbreak.

Although Shenzhen’s economy has been impacted by the epidemic, some sectors have performed well at the beginning of this year, including new energy vehicles, 5G smartphones and other new economy industries, Liang noted.

“It is expected that the local government will continue to increase fixed investment and strengthen the support for the new economy and emerging industries to realize the GDP growth target,” Liang said.

The economic growth of Shenzhen will also inject impetus into the development of the Guangdong-Hong Kong-Macao Greater Bay Area, experts said.

As Shenzhen's economic aggregate exceeds 3 trillion yuan, the GDP of the 11 cities in the Guangdong-Hong Kong-Macao Greater Bay Area is expected to exceed 12 trillion yuan in 2021, a similar level to Tokyo Bay.

The newly released guidelines for accelerating the building of a unified national market are expected to further accelerate the flow of talent, capital, logistics and information in the Shenzhen metropolitan area and the Greater Bay Area, Liang said.