Shenzhen is a city born to innovate. The first stock in China was issued in Shenzhen, and the first land auction in the country was held in Shenzhen as well. Since the city became a special economic zone, it has played a role as an innovator to spread new ideas and a pioneer to explore the path of reform and opening up in China. By issuing local rules of national innovation demonstration zone and rolling out 10 projects to bolster innovation, Shenzhen has become a frontrunner in promoting innovation-driven development when China’s economy steps into the new normal.
Shenzhen is now widely known as a “City of Makers” and a “City of Innovation.” Shenzhen aims to beef up the new economy. The city has rolled out plans to speed up the high-quality development of high-tech industries and the development of strategic emerging industries. It has set up a 5-billion-yuan fund to guide angel investments and invested more than 100 billion yuan in R&D. The total number of State-level high-tech enterprises is expected to surpass 14,000, with an increase of over 3,000 such companies in 2018. The added value of strategic emerging industries grew by 9.1 percent. Shenzhen has been approved to build a demonstration zone for marine economic development. Shenzhen strives to boost its independent innovation capability.