Shenzhen has made remarkable progress in advancing major construction projects with a total investment of 179 billion yuan (US$24.67 billion) in the first half of this year, achieving 59.9% of this year’s investment target.

One standout project is Shenzhen Xinhua Hospital, which is situated on the western side of the Hongshan Station on Metro Line 4 in Minzhi Subdistrict, Longhua District. With a striking design reminiscent of an aircraft carrier, the hospital is slated to start trial operations in December.

Designed to be a regional medical center that integrates medical services, education, and research, it is poised to serve as a leading health care facility in the Guangdong-Hong Kong-Macao Greater Bay Area. This project underscores Shenzhen’s commitment to advancing the construction of major projects to drive economic growth.

A computer-generated image of Shenzhen Xinhua Hospital in Longhua District. 

These efforts — highlighted last week during the 2024 Shenzhen Major Projects Investment and Financing Exchange and Matchmaking Conference — include more than 200 major projects with a combined investment of approximately 1.7 trillion yuan. Hosted by the city’s development and reform commission, the conference brought together more than 50 enterprises and 22 financial institutions, including the Shenzhen branch of the People’s Bank of China.

Shenzhen plans to build a total of 859 major projects this year, with a total investment of almost 3.6 trillion yuan. Of these, 703 projects focused primarily on modern industries, infrastructure, and livelihood improvements require a planned investment of 298.57 billion yuan for 2024.

Collectively, these projects are playing a pivotal role in stimulating investment and economic growth, according to officials.

Mo Peng, deputy director-general of the city’s development and reform commission, hailed Shenzhen’s significant strides in major projects during the first half of the year, emphasizing the injection of 179 billion yuan into infrastructure, modern industries, and livelihood enhancements.

“These projects play a crucial role in fostering synergies among related industries, cultivating industrial clusters, and driving economic expansion,” he said.

Statistics show that Shenzhen’s overall fixed-asset investment rose 8.9% year on year to reach 454.3 billion yuan in the first half of the year. Particularly noteworthy is investment in the manufacturing sector, which surged 55.5% from a year ago.