Shenzhen Mayor Qin Weizhong presented the city government’s work report, outlining major tasks for 2024, at the opening of the Fifth Session of the Seventh Shenzhen Municipal People’s Congress yesterday.

1. Economy

Shenzhen has set a target for 5.5% GDP growth in 2024. Key objectives for socioeconomic development include a 10% increase in fixed-asset investment, along with a 5.5% growth rate in industrial added value for enterprises at and above a designated scale.

The city also aims to boost its general public budget revenue by 1%.

2. Trade

Shenzhen plans to establish a demonstration zone for the innovative development of trade in services and a comprehensive bonded zone at the airport. The city has set a goal of US$140 billion in service trade and aims to create an international hub for digital trade worth US$60 billion.

Furthermore, the city is striving for cross-border e-commerce trade to surpass 300 billion yuan (US$41.79 billion), and plans to expand the scale of new overseas warehouses to 200,000 square meters.

3. Investment

Aspiring to become a high-quality investment destination, Shenzhen plans to allocate 220 billion yuan for infrastructure investment throughout the year, with an additional 140 billion yuan dedicated to new infrastructure projects.

The city aims to advance the construction of key projects such as the Shenzhen Bay Super Headquarters Base, Yanluo International Intelligent Manufacturing City, Shenzhen North Railway Station International Business Area, and Baguang International Biovalley.

Moreover, the city aims to construct 40 headquarters clusters, attract over 70 transnational companies to establish regional headquarters, and see the actual use of foreign capital reach 60 billion yuan.

4. Industry

Shenzhen is committed to creating a modern industrial system with strong international competitiveness. The city is targeting a 7% increase in the added value of strategic emerging industries, which will surpass 1.5 trillion yuan.

Additionally, the city aims to cultivate 35 newly listed companies in overseas markets, along with five more unicorn companies and 150 national-level sophisticated and specialized “little giants” in 2024.

5. Infrastructure

Shenzhen envisions becoming an efficient and well-connected hub, with plans to introduce over 10 new international and regional air passenger and cargo routes, and increase the airport’s passenger throughput to 58 million.

There are also plans to expedite the construction of 15 Metro projects, including Line 15, and initiate construction on five new Metro lines, including Line 19.

The city also aspires to be a global digital energy pioneer and aims to construct 50,000 new electric vehicle charging piles, 10 comprehensive energy supply stations, and 1,000 supercharging stations.

6. Quality of life

In 2024, Shenzhen will prioritize creating a more livable environment for residents, including the completion of 15 ecological corridor projects and 40 special trails. The city aims to construct and renovate 300 kilometers of greenways, 150 kilometers of ecological ways, and 30 parks.

To enhance the health care system and ensure better access to medical care, Shenzhen plans to add 8,000 new hospital beds and more than 500 additional general practitioners, and establish two new national regional medical centers, 10 research-oriented hospitals, and more than 35 new community clinics in 2024.