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National People’s Congress Chairman Zhang Dejiang said earlier at the National People’s Congress and the Chinese People’s Political Consultative Conference that Shenzhen could overtake Hong Kong within two years. Although this caused a bit of a stir in Hong Kong, the voice soon fell silent because Hong Kong people did not know that Shenzhen had turned into a powerful city. A high-tech city, even foreigners have noticed. The new issue of The Economist reports in detail on Shenzhen’s brilliant achievements and praises it as a Silicon Delta, comparable to Silicon Valley in the USA.
This lengthy report is titled “Shenzhen is a Hothouse of Innovation” and has the subtitle “Jewel in the Crown: Welcome to Silicon Delta,” showing the economist’s admiration for Shenzhen. The article pointed out that Shenzhen’s research and development (R&D) spending exceeds 4% of GDP, which is twice the mainland average. Shenzhen companies also have more international patents, most of which are high-quality patents comparable to those of mainland Chinese companies. The patents obtained vary. The number of international patents that Shenzhen has received as a city exceeds that of France or the United Kingdom.
The report cited the results of a recent study by the University of Warwick in the UK and the European Commission that the average innovation added value of China’s export products reached 76%, while the EU’s was 87%. World Bank research has also come to a similar conclusion.
According to reports, Shenzhen today attracts numerous entrepreneurs from around the world who are trying to develop new products in new ways. The Pearl River Delta is transforming into an advanced manufacturing cluster, and many multinational companies have opened “observation posts” in Shenzhen. The Economist therefore devoted a lot of space to presenting successful companies in Shenzhen.
These include Foxconn, which is well known to people in Hong Kong, BGI, which was declared a “DNA superpower” by Science magazine, Royole Technology, which has accumulated more than 600 patents, Mindray, which has global sales of $1 billion dollars achieved, etc. ; Naturally; There’s also Huawei, which spends more on R&D than Apple. The company invests 15% of its revenue and 8.2% of its 180,000 employees in research and development, and DJI, the most successful startup in Shenzhen in 2019 according to Said, has exceeded $8 billion in market value.
The report believes that Shenzhen has primarily become the “world capital” for hardware entrepreneurs and is favored by manufacturers from around the world. These include Canadian startup Revols, which is developing high-quality and affordable custom headphones, and American company Wazer, which is developing a portable waterjet cutting machine here.
Regarding Shenzhen’s success, the report highlights the speech by Xu Youjun, Vice Chairman of the Shenzhen Municipal Political Consultative Conference. He said: “People are the greatest source of growth for our development.” Shenzhen allows people to start businesses and do things that go beyond the thinking of the planned economy. Shenzhen is a city where people’s freedom of movement is almost unrestricted. Although few people have formal household registration or a household registration certificate, employment is very liberal and there is no discrimination against outsiders. There are many heroes, regardless of their origins.
Li Dawei, director of the Shenzhen Open Innovation Laboratory, believes that “Silicon Valley in the United States is obsessed with the problems of the rich world, but China’s open innovators are committed to solving problems that benefit the masses, such as Example of health care.”, environmental pollution and banking. “Affordable” solutions are offered to the public in all matters. Another world rule that Shenzhen is rewriting is how to apply open innovation.
The report concluded that Shenzhen has done much to completely bury the outdated myth of “copycat China” and has emerged as a global hub for hardware and manufacturing innovation, helping the Pearl River Delta increase its international competitiveness improved. At the end of the report it was also asked that Hong Kong has always been a catalyst for investment and growth in the Pearl River Delta region. How will the rise of Shenzhen affect Hong Kong?
Many people in Hong Kong still don’t know what’s going on in Shenzhen and still regard Shenzhen as a country fool. They don’t know that Cinderella has transformed into a beautiful and fashionable international girl. With Shenzhen being a high-tech city with strong development, Hong Kong people must be vigilant and promote their own development, otherwise Shenzhen may be really far behind Hong Kong in five or ten years.
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