Shenzhen exploring the warmth and speed of high-quality development

Editor's note: Liu Chunsheng, a special commentator on current affairs for CGTN, is an associate professor at the Beijing-based Central University of Finance and Economics. The article reflects the author's opinion and not necessarily the views of CGTN.

Five years ago, in the autumn of 2020, the course for the development of the Shenzhen Special Economic Zone in the new era was charted, and the "Six Clarifications" were put forward to guide its future growth. As time goes by, looking back on the city's journey over the past five years, Shenzhen has not only delivered remarkable achievements in economic performance, but has also explored a distinctive path of high-quality development — one that embodies both vitality and warmth.

From "fast" to "good": The quiet transformation of Shenzhen's economy

Once upon a time, "Shenzhen Speed" was considered the best label this city could be known for. However, in the past five years, the city has undergone a quiet transformation. Shenzhen is no longer chasing sheer growth figures, but has focused instead on the quality and substance behind them — adding real "gold content" to its economic progress.

Walking on the streets of the southern Chinese city, you can feel this change. In front of the counters in Huaqiangbei, China's largest electronics market, shop owners no longer just compete on prices, but talk with great enthusiasm about their R&D capabilities; in the Nanshan Science and Technology Park, young people discuss not only business models, but also breakthroughs in core technologies. This transformation is reflected in the data: The proportion of strategic emerging industries in GDP has exceeded 40 percent, and the intensity of R&D investment ranks among the top in the country. In terms of industrial upgrading, Shenzhen has been constantly advancing towards high-end, intelligent and green development. Shenzhen has formed industrial clusters led by electronic information, biomedicine, new energy, new materials and other sectors. Technology giants such as Huawei and Tencent have continued to drive innovation, setting the direction for the industry's development.

As an important platform for Shenzhen's industrial upgrading, the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone has achieved remarkable results in expanding the opening-up of the financial industry and legal service industry. It has become an important hub connecting the domestic and international dual circulations.

Innovation is not just a matter for the laboratory

When it comes to innovation, there's an interesting phenomenon in Shenzhen: At gatherings of entrepreneurs, the conversations almost always center on one question — "What are you working on now?" This innovative spirit has deeply integrated into the daily life of the city.

The story of Huawei's HarmonyOS may best illustrate this point. When the outside world was still discussing whether it could survive, the industrial chain in Shenzhen has already set in motion — from design companies to component suppliers, all were actively adapting to this new system. This atmosphere of "many people adding firewood in the fire makes the flame rises high" cannot be fostered by administrative orders, but has been driven by the innovation ecosystem that Shenzhen has cultivated over the years. Here, innovation is not a lonely battle, but a relay race.

Business environment: Visible and invisible changes

What is it like to start a business in Shenzhen? For Xiao Wang, a post-90s entrepreneur, the answer is telling: "In the past, I had to visit several departments to get things done. Now, most procedures can be completed with just a few clicks online. What impressed me most was that government departments now take the initiative to ask about the challenges we are facing."

These changes may seem subtle, but their impact is far-reaching. From "second approval" to "benefits without application," and from "at most one visit" to "no visit at all," Shenzhen's government services are undergoing a quiet yet profound transformation. Behind these reforms lies the city's deep understanding that a sound business environment is itself a form of productivity.

Challenges: Making the pace of progress more solid

Of course, Shenzhen's development path has not been smooth sailing. An engineer who has worked in Shenzhen for 10 years admitted: "The high housing prices and the shortage of school enrollment quotas have indeed put great pressure on us." These shortcomings in people's livelihood are exactly the challenges that Shenzhen must face directly.

At the same time, the limited land space is like a tight hoop, forcing Shenzhen to seek space from "the sky" and "innovation". It is interesting that this constraint has instead stimulated the city's creativity - with industrial buildings going upward, urban renewal, and growth of marine economy, Shenzhen is making infinite efforts within limited space.

The significance of Shenzhen's comprehensive reform pilot may perhaps be understood in this way: It is like a "laboratory" established for national reform. The reforms on data property rights and state-owned assets and enterprises piloted here, whether successful or not, will provide experience for other cities.

This mission of being a "pathfinder" endows every innovation and every breakthrough of Shenzhen with important significance beyond the city itself. When we talk about Shenzhen, we are actually discussing the future path of China's high-quality development.

The story of this city is still continuing. Under the guidance of the "Six Clarifications", Shenzhen is writing a vivid footnote to Chinese-style modernization — it needs not only the "forest of high-rise buildings" brought by economic development, but also the "lights of thousands of families" representing the well-being of the people. This may be the most precious inspiration that Shenzhen has brought to the development of Chinese cities.