South China's technological powerhouse Shenzhen facilitated the development of emerging industries and vigorously supported high-tech enterprises in 2018, local authorities said Friday.
The added value of seven major strategic emerging industries of Shenzhen -- information technology, high-tech equipment manufacturing, green and low-carbon, biological medicine, digital economy, new material and marine economy, rose by 8.5 percent to 915 billion yuan (135 billion U.S. dollars) last year, according to a report provided by Nie Xinping, director of the city's development and reform commission during the annual session of the city's People's Congress.
The added value of these industries accounted for 37 percent of the city's whole GDP. It was estimated that its GDP rose about 7.5 percent year-on-year to surpass 2.4 trillion yuan (354 billion U.S. dollars) in 2018.
Shenzhen invested heavily in research and development in 2018, with an investment of over 100 billion yuan, according to the report.
More than 3,000 national-level high-tech enterprises were established in the city, with the total number of high-tech firms surpassing 14,000 as of 2018.
The city will boost fundamental research, and at least 2,000 national-level high-tech companies will be established in 2019, Shenzhen mayor Chen Rugui said while delivering the government work report at the annual session of the city's People's Congress Friday.
Shenzhen is home to a bevy of Chinese startups and tech heavyweights including Huawei and Tencent.
The city has one of the most favorable business environments in China. With a large number of high-tech companies, it tops all Chinese cities in innovative capability, according to Chen.
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