Shenzhen surpasses Shanghai and Beijing to become China’s leading industrial hub
The mayor of Shenzhen, Qin Weizhong, announced in the annual government work report that Shenzhen has overtaken Shanghai and Beijing as China’s premier industrial centre. The economy of Shenzhen grew from 2.83 trillion yuan in 2020 to 3.87 trillion yuan (approximately $560 billion) in 2025, with a GDP growth rate of 5.5% for 2025, exceeding Beijing and Shanghai’s 5.4%.
In 2024, Shenzhen also outpaced Shanghai and Beijing in industrial output and in the value of imports and exports. The city boasts the highest density of research and development spending among mainland Chinese cities, with computing capabilities ranked among the world’s best. Major tech giants including Tencent, Huawei, ZTE, DJI, BYD and others are headquartered there.
To maintain its growth momentum, local authorities are signing agreements to attract foreign investment, which is expected to support the city’s continued development and leadership in key industries.
