National support

Liu Qingbin, a former professor at Yokohama National University's Institute of Advanced Sciences in Japan, said that after 43 years of the SEZ being established, Shenzhen is outstanding globally in key areas as China transitions from policy-driven opening-up to systemic opening-up, and from an export-driven economy to an open economy.

"The national support for Shenzhen to build a pilot demonstration area of socialism with Chinese characteristics empowered the city to deepen reforms — enhancing market-based allocation mechanisms for land, labor, capital, technology and data," Liu said.

As it evolves, and with its reform advantages, the city aims to create a law-based, market-oriented international business environment, optimize market access, and dismantle barriers, Liu added.

Liu said Shenzhen has a robust foundation in advanced manufacturing, together with an innovation hub propelling the Guangdong-Hong Kong-Macao Greater Bay Area. These advantages provide a complete innovation ecosystem, ranging from basic research to technological breakthroughs, industrialization, technology finance, and talent support.

Due to its innovative culture, Shenzhen saw 15,900 international PCT patent applications last year, accounting for 23 percent of China's total, and ranking first nationwide in this respect for 19 consecutive years. A PCT patent application is a single application filed at an international receiving office that grants the applicant the right to file future national patent applications in any of the contracting states.

Meanwhile, the Shenzhen-Hong Kong-Guangzhou tech cluster secured second place globally in the 2022 Global Innovation Index report.

Shenzhen is also the undisputed champion for newly added specialized and sophisticated small and medium-sized enterprises, or SMEs, in the latest evaluation by the Ministry of Industry and Information Technology last month. It topped the list with 310 additions, more than any other city nationwide.

The assessment is also known as the evaluation of the fifth group of specialized and sophisticated "little giant" companies.