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Shenzhen: The New Silicon Valley in China?

Chairman of the National People’s Congress Zhang Dejiang previously said at the National People’s Congress and the Chinese People’s Political Consultative Conference that Shenzhen can surpass Hong Kong within two years. Although this caused a small stir in Hong Kong, the voice soon fell silent because Hong Kong people did not know that Shenzhen had transformed into a powerful city. A high-tech city, even foreigners have noticed this. The new issue of “Economist” reports extensively on Shenzhen’s brilliant achievements and praises her as Silicon Delta, which is comparable to Silicon Valley in the United States.

This article is titled “Shenzhen has become a hothouse for innovation」(Shenzhen is a hothouse of innovation), with the subtitle “The Crown Jewel: Welcome to Silicon Island” (Jewel in the crown:Welcome to Silicon Delta), which shows the economist’s admiration for Shenzhen. The article pointed out that Shenzhen’s expenditure on research and development (R&D) exceeds 4% of GDP, which is twice the mainland average. Shenzhen companies also have more international patents, most of which are high-quality patents that are comparable to those of mainland Chinese companies. Patents obtained vary. The number of international patents obtained by Shenzhen as a city has exceeded that of France or the United Kingdom.

The report quoted the results of a recent study by the University of Warwick in the UK and the European Commission as saying that the average innovation added value of China’s export products has reached 76%, while the EU’s is 87%. Research by the World Bank has also reached a similar conclusion.

Reports indicate that Shenzhen today is attracting various entrepreneurs from around the world who are trying to create 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 thus devoted a large space to introducing successful companies in Shenzhen.

This includes Foxconn, which is familiar to Hong Kong people, 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 US$1 billion, etc.; of course; There is 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 R&D, and DJI, the most successful startup in Shenzhen in 2019, according to Said the market value has exceeded 8 billion US dollars.

The report believes that more importantly, Shenzhen has become the “world capital” for hardware entrepreneurs and has been favored by makers from all over the world. This includes Canadian startup Revols developing high-quality and affordable customized headphones, and American company Wazer developing a portable waterjet cutting machine here.

Regarding Shenzhen’s success, the report believes that the speech by Xu Youjun, vice chairman of the Shenzhen Municipal People’s Political Consultative Conference, is most worthy of reference. He said that “people are the biggest source of growth for our development.” Shenzhen allows people to start businesses and do things beyond planned economy thinking. Shenzhen is a city with almost no restrictions on people’s free movement. Although only a small number of people have formal household registration or household registration certificates, employment is very liberal and they do not discriminate against outsiders. There are a lot of 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 provide benefits to the masses, such as health care, pollution, and banking. In all things, “affordable” solutions are provided to the public. Another world rule that Shenzhen is rewriting is how to embrace open innovation.

The report concluded that Shenzhen has done a lot to completely bury the outdated myth of “copycat China” and has become a global hub for hardware and manufacturing innovation, leading the Pearl River Delta to improve its international competitiveness. The report also asked at the end 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?

For many Hong Kong people, they still don’t know what’s going on in Shenzhen and they still regard Shenzhen as a country bumpkin. They don’t know that Cinderella has transformed into a beautiful and fashionable international girl. Facing Shenzhen, a high-tech city with strong development, Hong Kong people must be vigilant and enhance their own development. Otherwise, in five or ten years, Shenzhen may really be far behind Hong Kong.

2023-12-30 00:57:37
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