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We’ve heard of Shenzhen, a shopping mall that produces various grade A Miller counterfeit products, but it’s the only one-sided memory that Thais know about Shenzhen. Over the past few decades, growth and change by leaps and bounds have made Shenzhen known as the “Silicon Valley of Asia,” a global hub for technology, innovation, and entrepreneurs. Today, ACUPay will explore the factors that contribute to Shenzhen’s growth as an Almighty of Technology and its unique identity.
A remarkable route of Shenzhen started in the late 1970 when Shenzhen was designated as China’s first special economic zone(Shenzhen Special Economic Zone) This changed the picture of a fishing village full of fields into a factory for producing goods and became a full-scale manufacturing hub. As a result, Shenzhen can develop rapidly and attract many domestic and international investors. Shenzhen’s proximity to Hong Kong played an important role in its early success because of the facilities of the flow of capital, technology, and personnel.
In addition, Shenzhen has been chosen as the capital of the Greater Bay Area, which has the meaning of both the geographical and economic hub of South China. Currently, the Gross Domestic Product (GDP) of the Greater Bay Area is around $1.34 trillion. By 2030, it is expected to triple to $4.6 trillion.
One of the key drivers for Shenzhen’s success is its boom technology ecosystem. Here is the location of China’s most prominent technology companies such as Huawei, Tencent, Alibaba, DJI, and BYD. These companies are at the forefront of Chinese innovation, pushing to expand production areas such as telecommunications, e-commerce, robotics, and electric vehicles. Shenzhen’s favorable business environment together with strong government support, fostered an entrepreneurial and risk-taking culture that encouraged these companies to grow rapidly.
The focus on Shenzhen’s research and development also plays an important role in the transition to a technologically powerful city. The city has many high-tech parks and innovative centers such as Shenzhen High-Tech Industrial Park (SHIP) and Shenzhen Virtual University Park. These facilities themselves provide an environment conducive to collaboration between businesses, educational institutions and research institutions. Shenzhen’s commitment to nurturing talented people is seen in investments in education and the establishment of global universities and research institutions, including the Harbin Institute of Technology (Shenzhen) and Southern University of Science and Technology.
Efficient infrastructure and logistics capabilities are another contribution to the success. With Shenzhen home to one of the world’s busiest container ports and managing China’s international trade, this is a fully integrated transportation network. With its extensive subway system, people and goods can move around the city and elsewhere. It is this infrastructure that helps attract multinational and start-up companies until they get to global markets.
In addition to technological achievements, Shenzhen has become a very vibrant and pleasant city because the government has invested in urban planning and urban development to have modern infrastructure, green areas and cultural landmarks. The art industry is still flourishing because there are many art galleries and spaces to show creativity, making it a cultural center of its own. Shenzhen’s international atmosphere has made a variety of nationalities populate the city, both local and foreign people.
Despite many impressive achievements, Shenzhen still faces challenges in cities such as intellectual property protection, environmental sustainability and digital inequality. However, through collaboration with innovative and forward-thinking ideas, Shenzhen is expected to overcome obstacles and maintain its global leadership position in technology and innovation.
Shenzhen’s journey has demonstrated its vision and commitment to research and development of infrastructure efficiently, build a pleasant city, and support entrepreneurial thinking. Shenzhen is an obvious example of how cities can leverage technology and innovation to drive economic growth and improve the lives of residents. The company will continue to emphasize its leadership position in Asia and elsewhere in the future.
