Forget Beijing and Shanghai. China’s economic future is emerging in Shenzhen.
Once a collection of fishing enclaves next door to Hong Kong, Shenzhen, which has become the epicenter of China’s manufacturing-driven miracle, is staking its future growth on finance, technology and culture.
The metropolis teeming with millions of migrant workers is home to some of China’s biggest and hottest companies. Many are led by a new wave of young Chinese entrepreneurs hoping to build global brand recognition.
Divided from the former British colony of Hong Kong by a river, Shenzhen has been the preferred laboratory for experiments by China’s communist leaders since reformist Deng Xiaoping designated the tranquil area as the country’s first “special economic zone” in 1979.
Now a sprawling megacity of 11 million people, its fortunes were made churning out cheap clothes, electronics and toys for big foreign brands. But low cost manufacturers like Apple supplier Foxconn have been moving inland or out of China as labor costs increased. Now the focus is on higher value-added, homegrown technology.
Innovative new companies are drawn by Shenzhen’s well-established manufacturing supply chains and transport links, proximity to Hong Kong’s banking and financial expertise, and better traffic, milder weather and less air pollution than Beijing and Shanghai.
* Movies: The nice guys
* Books: The Second Life of Nick Mason by Steve Hamilton
* Music: Couchville Sessions by Darrell Scott
* Wine: The Quintessence of Japan V
* Food: Say Aloha to Summer
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