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Essentially, what Shenzhen has done successfully so far is to make good use of the market and the factors of production to drive social progress. After the reform and opening up policy started in the 1980s, the city succeeded in the exploration of establishing a socialist market economy that allows all forms of ownership to develop side by side while still retaining the dominant position of public ownership. When the financial crisis hit in 2008, it withstood the economic shockwaves and pushed for an industrial upgrading, which paved the way for the rise of a number of tech companies of global influence like Huawei, Dajiang and Tencent.

In this sense, the path of Shenzhen is really an epitome of the general development design of China. With its own success as a typical economic zone, Shenzhen gives a perfect validation to the Chinese approach for development. It offers itself as a testing ground for all kinds of socio-economic experiments, and works well to contain the risks involved at the local level so that no potentially harmful policy should be rolled out at the national scale.

Today, the city is ready to take its adventure another step forward. In 2018, Chinese President Xi Jinping visited Shenzhen and asked the city to “build a demonstration pilot zone for socialism with Chinese characteristics, and create a model city for a great modern socialist country”. On the basis of the existing development framework, President Xi advanced the initiative to build a “Greater Bay Area” that aims to further connect cities including Shenzhen, Guangzhou, Hong Kong and Macau in what is known as the Pearl River Delta in the southern China. Under the initiative, this part of China will see the formation of an even more integrated and dynamic market that offers world-class platforms for investments and technology innovations.

How did Shenzhen give rise to Huawei?

The 40 years of Shenzhen has seen many ice-breaking moments for China in different areas: the first joint-stock company, the first joint-stock insurance company, the first joint-stock commercial bank run by an enterprise, the first foreign exchange swap centre, the first land auction……Over 1,000 more of this kind of “firsts” took place as the city developed. Subsequently, it gave rise to a group of world-class innovation-driven corporations, such as Huawei.

So how did Shenzhen give rise to Huawei? Some say the company was not “given” rise to, but rose itself, just like a seed grows into a big tree when there is suitable climate and healthy soil. The city is a perfect place for innovation and entrepreneurship: in Shenzhen, there are 2,584 innovation incubators, over 6 million innovation-oriented professionals, and 17 thousand high-tech companies. The number of invention patents per ten thousand people is 8 times higher than the national average. In 2019, 17459 international patent applications were filed under the Patent Cooperation Treaty (PTC) from the city alone, more than any other Chinese cities and accounting for 30.6% of the overall applications filed from the country who just became the world’s top filer in the same year. Globally, in terms of the number of patents in force, Shenzhen is second only to Tokyo, way ahead of New York.

At the same time, the city also has the largest manufacturing industry in China, known for its intelligent and advanced manufacturing technology. Respectively, the advanced manufacturing and high-tech manufacturing account for 71.9% and 66% of the manufacturing value added. In 2019, the local government allocated 30% of its special science and technology research fund to basic and applied basic research, and spent 4.2% of the GDP in the R&D, one of the highest in the world.

As a result, Shenzhen is now home to some of the most recognisable brands in the planet. With innovations of technologies, industries, applications and services led by these companies, the city is in a strong position to develop new infrastructure and further accelerate its industrial upgrading. It has become the first city in the world to realise the full coverage of standalone 5G network.

Revelation of the 40 years of Shenzhen

For Shenzhen, it does not seek to lead in just one particular area in China; it aims to go ahead of the times and become an all-rounder in the global development contest. The city has a vision to build itself into an international metropolitan for innovation in the next 5 years, then an innovation capital of world influence and a modern socialist model city by 2035, and finally a top-tier alpha city with global prominence by 2050. There is still a long way to go, but Shenzhen has always been a city capable of creating miracles.

We are at a time when the world economy is calling for new orders, and the global development is yearning for a better governance system. As the symbol of the peak of western civilisation, the modern capital-centred system of production and management has been proven insufficient in responding to the calls. In contrast, Shenzhen achieved what took other international cities more than a century to finish in just 4 decades. It shows that Shenzhen has figured out an effective and reliable path towards prominence, which will also be China’s path for future development. And hopefully, it will serve as an inspiration for those economies in search of an alternative way out.