Shenzhen is intensifying efforts to become a global leader in advanced manufacturing, Yu Xiquan, director of the Shenzhen Municipal Industry and Information Technology Bureau, said at a news conference yesterday at Civic Center in Futian District.

The city has outlined two-stage goals for industrial development, targeting to establish four industry clusters each valued at over 1 trillion yuan (US$139.81 billion) and an additional four at over 500 billion yuan by 2025. The long-term objective is to position Shenzhen as the global leader by 2035.

To achieve these goals, Shenzhen has identified five key tasks focusing on industries, platforms, projects, enterprises, and government services. The city aims to establish a globally competitive modern manufacturing system, with a particular emphasis on high-end, intelligent, and green manufacturing.

Efforts will be made to address the gaps in new materials and industrial machinery, as well as revitalize traditional industries such as clothing and eyewear. Future industries like synthetic biology and space technology are also in the city’s development plans, according to Yu.

The city is set to create platforms that enhance industrial development, including new types of industrial parks, virtual parks, and platforms for technological innovation and major transactions. Shenzhen plans to accelerate the construction of 20 advanced manufacturing industrial parks and factories in customized high-rise buildings.

Yu said that Shenzhen will continue to attract major projects and key enterprises to settle in the city, encouraging the formation of enterprise clusters for collaborative development across different scales and types of industries. The city aims to cultivate internationally competitive enterprise clusters and support the growth of small and medium-sized enterprises, enabling them to specialize and expand beyond their current capacities.

New policies will be introduced to encourage industrial enterprises to increase investment in technological upgrades, Yu said. For major technological transformation projects with investments meeting a specific threshold, each individual project will receive a maximum subsidy of 100 million yuan.

In 2022, the value of industrial output accounted for 35.1% of Shenzhen’s GDP, making the industrial sector a key driver of economic growth. Breakthroughs in industrial software and high-end medical equipment have been achieved, according to Yu.