Shenzhen Mayor: Growth remains strong

Published on November 17, 2008 by admin

SHENZHEN could attain its goal of 12 percent growth in GDP this year despite the financial crisis, Mayor Xu Zongheng said at a news conference Thursday.

While answering questions following the conclusion of a Shenzhen-Hong Kong cooperation conference, Xu said the city’s economy operated in a healthy way and GDP increased by 11.5 percent in the first three quarters from the same period last year.

The government is confident that the 12 percent increase in GDP this year could be achieved, Xu said. The GDP gained momentum quarter by quarter in the first nine months, despite a worsening world economy.

But the growth of exports is slowing down because of the financial crisis with total volume reaching US$131 billion in the first nine months, a 9 percent increase over the same period last year.

The city’s exports reached US$168.5 billion last year, accounting for almost one-seventh of the country’s total.

The economic growth, to some extent, was attributed to the timely policies to stimulate industry and trade, said Xu.

In July, the government unveiled 28 favorable measures and budgeted 2 billion yuan to boost industry development and help enterprises get financial support, expand markets and upgrade the industrial structure.

The impact of the financial crisis on the city’s financial sector is limited, according to Xu

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