China’s Shenzhen lays down marker for tech investment with US$22 billion pledge

China’s southern tech hub of Shenzhen plans to “fully compete” in emerging sectors such as artificial intelligence, announcing 160 billion yuan (US$22.07 billion) in “new-type infrastructure” investment for the year as it called on the city to embrace challenges like a “seabird braving the storm.”

When delivering the city’s work report on Tuesday, Shenzhen Mayor Qin Weizhong took a metaphorical turn, saying difficulties must be faced with “the courage of a seabird that thrives amid storms.”

The mayor also said the city should “prioritise action, shoulder responsibilities and fully leverage positive factors to drive high-quality development step by step.”

According to the work report, Shenzhen is setting an ambitious 5.5 per cent target for the growth of its gross domestic product in 2025, along with a 2 per cent increase in the consumer price index, a 3 per cent rise in general public budget revenue and the creation of 200,000 new jobs.

Qin said these goals reflect Shenzhen’s commitment to “shouldering the responsibilities of a major economic powerhouse”, calling them “within reach” if the necessary effort is made.

“Meeting this year’s goals will not be easy, but Shenzhen is a city that dares to strive. It has always grown through challenges.”