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From a small town in 1979, Shenzhen turned into China's fifth largest city by population and total GDP in 2016. The city is a financial and high-tech centre of the country and unsurprisingly its GDP per capita was the largest among the country's megacities in 2016. The city has hosted China's first Special Economic Zone since 1980, which explains the major boost to the city's economic development. Shenzhen is increasing its focus on service, as its tertiary sectors accounted for 60% of total GVA
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Labour productivity in Shenzhen was 107% above the average productivity in China in 2016, but 16% below the figure in neighbouring Guangzhou. The tertiary education attainment of the population aged 15+ was the lowest among China's six largest cities, only 20% in the same year, though well above the 12% average in China. Labour productivity was largely driven by foreign direct investment (FDI), as the city was used as a pioneer for economic liberalisation.
High labour productivity and the impressive employment rate (95% of the 15-64 working age population in 2016) drove up Shenzhen's income levels, while, conversely, a lower household occupancy rate pushed it down. Per household disposable income surpassed the average for China by 40% in 2016, yet lagged 13% below Guangzhou's figure.
In line with higher incomes, consumer expenditure (excluding transport and housing) per household in Shenzhen was 37% higher than elsewhere in China in 2016. As in any urban region with above-average income, households in Shenzhen spend a comparatively smaller share of budget on food and beverages (21% versus 25% in China in 2016). Spending on hotels and restaurants deviates most from the expenditure in China (4.9% of the total, versus 3.8%).
In absolute value, consumer expenditure on housing and transport per household was 40% higher in Shenzhen than in other parts of the country in 2016 (USD3,200). Transport spending was as much as 53% greater in Shenzhen mainly due to a higher motorisation rate in the city compared to the rest of the country.
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