Shenzhen has become the first city in China to have four districts each with a gross domestic product (GDP) exceeding 500 billion yuan (US$69.45 billion) in 2023.

The four districts are Bao’an, Longgang, Nanshan, and Futian, with Bao’an and Longgang joining the 500-billion-yuan club for the first time.

In 2023, the GDP of Bao’an reached 520.20 billion yuan, a year-on-year increase of 8.5%. Longgang’s GDP expanded 6.3% year on year to 504.30 billion yuan, according to data released by the districts.

Nanshan’s GDP grew by 5.1% to 856.60 billion yuan last year, becoming the first district in Guangdong Province to exceed 800 billion yuan. Futian, with a GDP already topping 550 billion yuan in 2022, had a GDP of 570.45 billion yuan last year, a year-on-year increase of 2.8%.

Shenzhen saw its GDP grow by 6% last year to a new high of 3.46 trillion yuan, which represented a leap from 3.3% growth in 2022 and surpassed that of other first-tier cities on the Chinese mainland — Beijing, Shanghai, and Guangzhou.

The key reason why Shenzhen’s economy continued to progress with a strong momentum lies in its strong technological innovation capabilities, vigorous manufacturing industry, and robust consumer spending, according to Shenzhen Economic Daily.

Nanshan, for instance, houses nearly 100 manufacturing companies with a total market value exceeding a trillion yuan. Known as an innovation hub, the district boasts a world-leading sci-tech innovation ecosystem and gathers a large number of private technology firms and innovative companies.

Over the past year, the digital economy has flourished in Longhua. The district owns 1,102 core digital economy enterprises that produce a total output of approximately 478.3 billion yuan.

In 2023, the added value of strategic emerging industries in Pingshan District reached 85.29 billion yuan, accounting for 64.1% of its GDP. In Guangming District, the added value of strategic emerging industries climbed 10.2%, accounting for 57.8% of its GDP.

As an industrial powerhouse in Shenzhen, Bao’an has accelerated its pace in new industrialization. The added value of industrial enterprises above designated size increased by 6.5% year on year in 2023.

Over the past year, Longgang posted its best industrial growth in nearly four years, ranking first on the list of the top 100 industrial districts in China for six consecutive years.

In 2023, Shenzhen also became the second city in Guangdong to achieve over 1 trillion yuan in total retail sales of consumer goods, a major indicator of its consumption strength.

Futian retained the top spot in the city for total retail sales of consumer goods for 19 straight years with 241.47 billion yuan last year, making up 23% of the city’s total.

Bao’an and Luohu recorded total retail sales of consumer goods of 154.83 billion and 139.17 billion yuan, respectively. Pingshan posted 26.3% growth in total retail sales of consumer goods, the highest growth rate in the city.