Core Viewpoint - Shenzhen has achieved significant economic growth and innovation over the past five years, positioning itself as a leading example of modernization and reform in China, particularly as it celebrates the 45th anniversary of its establishment as an economic special zone [1][3]. Economic Performance - From 2020 to 2024, Shenzhen's GDP is projected to grow at an average rate of 5.5%, reaching 3.68 trillion yuan, with a remarkable output of 18.4 million yuan per square kilometer [3]. - In the first half of this year, Shenzhen's GDP reached 1.832 trillion yuan, marking a year-on-year growth of 5.1%, outperforming other first-tier cities [3]. Innovation and Reform - Shenzhen has implemented numerous innovative regulations targeting emerging industries, such as artificial intelligence and biotechnology, to foster rapid industrial development [4]. - The city has seen a rise in strategic emerging industries, with their added value increasing from 1.01 trillion yuan in 2019 to 1.56 trillion yuan in 2024, accounting for 42.3% of the GDP [6]. Open Economy - Shenzhen has established a robust open economy, with over 3.3 million new foreign-invested enterprises set up in the past five years, representing 14.6% of the national total [15]. - The city has actively engaged in international economic cooperation, with cross-border RMB payments reaching 27.63 trillion yuan, a year-on-year increase of 24.3% [14]. Social Development - Shenzhen has prioritized public welfare, with 67.2% of its fiscal expenditure directed towards social services, including education, healthcare, and housing [16]. - The city has constructed over 600,000 units of affordable housing in the past five years, addressing the housing needs of its residents [17]. Environmental Sustainability - By the end of 2024, Shenzhen aims to reduce PM2.5 concentration to 17.3 micrograms per cubic meter, with over 80% of its rivers meeting quality standards [19].

Core Viewpoint - Shenzhen has achieved significant economic growth and innovation over the past 45 years, positioning itself as a leading example of modernization and reform in China [1][3]. Economic Performance - From 2020 to 2024, Shenzhen's GDP is projected to grow at an average rate of 5.5%, reaching 3.68 trillion yuan, with a remarkable output of 18.4 billion yuan per square kilometer [3]. - In the first half of 2024, Shenzhen's GDP reached 18,322.26 billion yuan, marking a year-on-year growth of 5.1%, outperforming other first-tier cities [3]. Innovation and Reform - Shenzhen has implemented numerous innovative regulations targeting emerging industries, such as artificial intelligence and biotechnology, to foster rapid industrial development [4][5]. - The city has seen a rise in high-tech enterprises, with 450.8 million business entities, including 25,000 national high-tech companies and 11,000 specialized and innovative enterprises [5]. Open Economy - Shenzhen has established a robust open economy, with 33,000 new foreign-invested enterprises in the past five years, accounting for 14.6% of the national total, and actual foreign investment reaching approximately 40 billion USD [15]. - The city has made significant strides in cross-border trade, with total imports and exports reaching 21.7 trillion yuan in the first half of 2024, representing 9.9% of the national total [15]. Social Welfare and Public Services - Shenzhen has prioritized social welfare, with 67.2% of its fiscal expenditure allocated to public services, including education, healthcare, and housing [16][17]. - The city has constructed over 600,000 units of affordable housing in the past five years and has implemented various initiatives to support the elderly and children [17]. Environmental Sustainability - By the end of 2024, Shenzhen's PM2.5 concentration is expected to drop to 17.3 micrograms per cubic meter, with over 80% of rivers meeting quality standards [19].

Group 1 - Shenzhen is positioned as a leader in China's modernization, with the new policy document aimed at deepening reform and innovation, providing valuable experience for national development [1] - The projected GDP for Shenzhen in 2024 is 3.68 trillion yuan, reflecting a year-on-year growth of 5.8%, with strategic emerging industries contributing 1.5567 trillion yuan, accounting for 42.3% of the GDP [1] - Shenzhen has established three industry offices focusing on artificial intelligence, new energy vehicles, and medical devices to accelerate development in key sectors [1] Group 2 - As of April 2025, Shenzhen has nearly 4.47 million registered business entities, a year-on-year increase of 3.5%, with approximately 2.78 million being enterprises, representing 62.2% of the total [2] - The number of newly registered foreign-funded enterprises in Shenzhen increased by 33.4% from January to April [2] - The new policy is seen as a "second acceleration" of Shenzhen's comprehensive reform pilot, emphasizing the commitment to continuous reform and openness [2]

Core Insights - The National Development and Reform Commission (NDRC) reported significant progress in the Shenzhen Comprehensive Reform Pilot over the past five years, with various reform tasks being implemented effectively [1] Group 1: Innovation Development - Shenzhen has introduced numerous innovative measures, including the pilot program for a unified cross-border capital pool for both domestic and foreign currencies, allowing multinational corporations to manage their currency transactions freely. As of the end of May this year, 55 multinational companies participated in this pilot, with a transaction volume reaching 340 billion USD [1] - The financial support mechanisms for technological innovation have been continuously improved, with a total of 104 intellectual property securitization products issued, amounting to 22.5 billion CNY, benefiting 1,535 enterprises and effectively supporting the development of technology-driven companies [1] Group 2: Legislative Initiatives - Shenzhen has introduced several pioneering regulations, including those for artificial intelligence, intelligent connected vehicles, data management, cell and gene industries, personal bankruptcy, and low-altitude economy, filling legislative gaps and providing valuable experience for national legislation in related fields [1]