The annual session of the Shenzhen Municipal People's Congress opens today in Shenzhen. Shenzhen Special Zone Daily

　　Shenzhen will target a GDP growth rate of 5.5% this year, according to a government work report delivered by Mayor Qin Weizhong during the opening of the annual session of the Shenzhen Municipal People's Congress, the city's legislature, today.

Over 400 deputies have gathered for the meeting, which will run through Thursday at the Civic Center in Futian District, to chart a new chapter for the city’s high-quality development.

During the opening meeting, Qin’s government work report presented a panoramic review of Shenzhen’s 2024 achievements through comprehensive data and concrete measures. It also systematically outlined the 2025 blueprint, which features groundbreaking initiatives in economic growth, livelihood improvement, and technological innovation.

This year marks the final year of the 14th Five-Year Plan period (2021-2025) and the 45th anniversary of the founding of the Shenzhen Special Economic Zone.

Other main targets for this year’s socioeconomic development include a 3% increase in the city’s general public budget revenue, an alignment of personal income growth and economic growth, a CPI increase of around 2%, and 200,000 new employment opportunities.

In 2025, Shenzhen will ramp up efforts to promote large-scale equipment renewals and trade-ins of consumer goods and optimize the layout, structure, functions, and development models of infrastructure, as per the report.

The city is committed to bolstering foreign trade to sustain positive momentum, solidify its market position, and expand its share and scale. It will also continue developing cooperation with countries involved in the Belt and Road Initiative and those in emerging markets, including ASEAN, the Middle East, Africa, and Latin America.

An aerial view of Shenzhen. File photo

It endeavors to solidify and elevate the global standing and competitiveness of its industries, including electronic information, automotive, and new energy, and to aggressively vie for leadership in emerging industrial sectors such as artificial intelligence, low-altitude operations, and aerospace.

According to the report, the city also aims to maintain double-digit growth in R&D spending and enhance a tiered development framework that nurtures businesses, from startups and small and medium-sized enterprises to world-class corporations.

To accelerate becoming a “city of youth-oriented development,” Shenzhen will launch a youth innovation and entrepreneurship initiative and establish a mechanism for discovering, tracking, and supporting potential startups and project teams.

In the healthcare realm, 15 major healthcare projects will be completed and two world-class foreign-owned hospitals will be introduced.

Additionally, the city will make every effort to ensure the success of the 15th National Games, the 12th National Games for Persons with Disabilities, and the 9th National Special Olympic Games.

Shenzhen’s 2024 GDP increased by 5.8% year on year, hitting 3.68 trillion yuan (US$506.9 billion), according to the work report.

Last year, the city’s total goods imports and exports soared to 4.5 trillion yuan, a significant increase of 16.4%. This impressive performance has secured the city’s leading position among Chinese cities in terms of overall trade volume. Additionally, this growth accounted for 30.4% of the national increase in foreign trade.