Shenzhen leads nation with R&D Investment

Shenzhen, the "city of innovation" in Guangdong province, allocated over 200 billion yuan ($27.6 billion) towards research and development in 2023, a significant milestone that positioned it as the leading city nationwide.

According to the report on R&D spending, Shenzhen allocated a substantial 223.67 billion yuan in 2023, achieving an R&D intensity ratio of 6.46 percent, demonstrating a strong dedication to innovation.

In 2023, Shenzhen's R&D expenditure exceeded the 200 billion yuan milestone for the first time, representing 46.6 percent of the province's total and 6.7 percent of the national total, highlighting its significant contribution scale.

Specifically, enterprises based in Shenzhen contributed 208.58 billion yuan to R&D, securing the top position among all cities in China.

An analysis report titled "2024 China's Top 500 Private Enterprises" emphasized that three of the top four companies in R&D investment nationwide are headquartered in Shenzhen: Huawei, Tencent, and BYD.

In terms of growth rate, Shenzhen's R&D expenditure experienced an 18.9 percent increase in 2023, marking a 7.1 percentage point surge from the previous year and maintaining a double-digit growth rate for the ninth consecutive year.

In recent years, Shenzhen's R&D expenditure intensity has shown a consistent upward trend, reaching 4 percent for the first time in 2013, surpassing 5 percent in 2020, and ultimately exceeding 6 percent in 2023. This positions Shenzhen as the second-ranking major city in China in terms of R&D investment intensity, closely trailing behind Beijing.