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December 2019

EXPLAINER

Why Shenzhen Is Called The 'World's Factory'

    • TNN
    • Publish Date: May 28 2019 5:10PM
      • |
    • Updated Date: May 28 2019 5:10PM
Why Shenzhen Is Called The 'World's Factory'

Shenzhen is known as the "world's factory" for a reason, and that's because pretty much everything is made there. Of course, that goes double for electronics. An estimated 90 percent of the world's devices are manufactured there, everything from TVs to phones.


1. The start of it all

Until about 30 years ago Shenzhen was a small market town of little importance, with a population of just about 30,000 people. It was only in 1980 that the (newly transformed city) was designated China's first Special Economic Zone (SEZ). The move was an effort to attract international investors by offering them subsidies and beneficial policies.


2. Let the cash roll in

Thanks to its booming electronics trade, Shenzhen is China's richest city by far, with the highest per capita GDP in the country. It's average income is at least 50 percent higher than that of other major locales like Beijing and Shanghai. Shenzhen is also eighth on the list of world cities with the most billionaires.


3. Development continues

Shenzhen is also home to the Ping An International Finance Centre, recognised as the second-tallest building in China and the fourth-tallest in the world. The city is also home to China's first stock exchange. It was set up in 1990, a year before the stock exchange in Shanghai.


4. A powerhouse of industry

Shenzhen is China's version of Silicon Valley, hosting a number of major tech companies like Huawei, Tencent, smartphone brand ZTE, drone manufacturer DJI, and many more.


5. Steady growth

Aside from the foreign investment, Shenzhen also began courting local talent by providing entrepreneurs with monetary benefits for doing business there. As such, most of the young and educated labour began congregating there, where newer jobs and  career opportunities were beginning to form, fueling an economic boom.


6. Investment and innovation

In the 80s, there was an outpouring of new devices in the tech sector in the US, Europe, and Japan,with everything from colour televisions, to telephones, to Walkmans selling like hot cakes. And thanks to those subsidies and the abundance of labour, foreign companies found the decision to manufacture in China at a profit an easy one to make.

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