Shenzhen Replaces Shanghai As China’s Largest Industrial City
For many years, China’s top three industrial cities were Shanghai, Shenzhen, and Suzhou, in that order. However, as Shanghai implemented Beijing’s draconian zero-Covid policy last year, the city’s GDP by industry fell, and Shenzhen overtook Shanghai. According to China’s recently released 2022 GDP ranking of the top 10 industrial cities, Shenzhen took the lead with an industry value of 1.13 trillion yuan (about $164 billion), surpassing Shanghai’s 1.08 trillion yuan (about $157 billion), with Suzhou ranking third. According to the production and sales report released by Shenzhen-based car manufacturer BYD, in 2022, it produced 1.87 million new energy vehicles (NEVs), an increase of 209.17 per cent year on year, and sold over 1.86 million NEVs, an increase of 208.64 per cent year on year. BYD has become one of the major contributors to Shenzhen’s economy. Meanwhile, Shanghai-based industries are still reeling under the effects of last year’s strictly enforced shutdowns. “Businesses took a long break and goods at the ports could not be shipped. No one is placing new orders. Who will place orders with you if you cannot guarantee timely delivery? Therefore, demand has dropped significantly this year,” an employee of a foreign trade enterprise in Shanghai, told The Epoch Times.