The development of Shenzhen is in the process of rapid acceleration. With respect to its capital City, Shenzhen is aiming at becoming a global economic powerhouse. China has launched the “The One Belt, One Road” strategy which is a vigorous initiative geared towards international integration. In recent years, the construction of trade and transportation networks in the eastern seaboard has been accompanied by huge investment in improving the infrastructure to foster high-tech industries. A leading destination for the Chinese labor forces and as a special zone that deals with information technology, data storage, and special internet services, Shenzhen is in the ideal position to capitalize on China’s key policy initiatives. At the same time, the growing expansion of Shenzhen has created huge opportunities for foreign firms.
Although relatively small in terms of its population, Shenzhen is one of the largest cities in China with its population of around 15 million and booming industries. Considering its location in the eastern seaboard, Shenzhen offers tremendous opportunities for foreign companies. At present, 58 foreign companies are involved in three high-tech industries – IT, applied research, and software development. Such figures represent a turnaround from the past. Just a decade ago, the ratio was at around 35 foreign companies. The Chinese cities of Shenzhen and Wuhan are proving very attractive to foreign firms on the basis of their favorable geographical locations, fast-track implementation of projects and considerable demand for high-tech industries. Consequently, Shenzhen is rapidly becoming a very important business destination in China for foreign companies, which are interested in strong financial and development conditions. On the international market, Shenzhen is going to compete with international business centers such as London, Chicago, or Shanghai. It has become the new destination for international trade.
Visitors to Shenzhen should pay attention to the boom in services. In order to control rising costs, state-owned enterprises have introduced online payment facilities, a major factor in the rapid growth of the online shopping sector. Shenzhen consumers are more and more used to online shopping, and this change can be seen in both the expansion of online merchants and the growth of online payment systems in Shenzhen.
Services are not the only attractive avenue. Following the launch of the “The One Belt, One Road” strategy, some of the leading decision-makers in China have implemented various plans to allow foreign companies to do business in the country, despite various restrictions. In order to avoid hampering foreign businesses, the Chinese government is looking for rational solutions that would improve its investment attractiveness. Shenzhen is offering some of the best opportunities available in China for foreign businesses. And with the Greater Bay Area Project, also headed by the Ministry of Transportation, Shenzhen is preparing to become a transport hub of Northeast Asia. This time, the goal is even more ambitious than the railroads, subway, and toll roads. With the Belt and Road Initiative to be completed and the upcoming increase in regional transport networks, Shenzhen is set to become a worldwide transit point for shipping, mail, and cargo services. The growing importance of Shenzhen as a transport route is even the driving force behind the expansion of investment opportunities. Because of its good geographical positioning and good infrastructure, it is estimated that the growth rate of the logistics industry in China will be very high in 2019. Shenzhen is a leading logistics logistics center of China. In order to create a manufacturing platform for export products, Shenzhen is increasingly focusing on the logistics sector as a driver of industrial growth. Shenzhen is working to further upgrade its logistics systems in order to promote the development of a global logistics system. Shenzhen is planning to develop 1.7 million square meters of logistics and freight industrial parks. This is in line with the northern strategy for the logistics development which aims to make Shenzhen as one of the main centres of logistics.