Entrepreneurs who set their sights on China may first look at cities like Beijing and Shanghai. When new business owners look at the economy, a good sign is the amount of wealth in one area. While Beijing and Shanghai have the highest number of billionaires in China, Shenzhen is close behind. Shenzhen surpasses New York.
What does this mean for new business owners? It means that the economy in Shenzhen is thriving and may be an ideal place to locate a China-based business.
What caused Shenzhen’s rise to the top?
Shenzhen has been an innovative city since the 1970s. While it started as a fishing village, it has quickly grown into one of the world’s tech hubs. In the 1980s, Shenzhen became a special economic zone. The government encouraged attracting foreign investment and experimenting with capitalism.
Why should you base your business in Shenzhen?
If you are interested in starting your own tech company or already own a tech company, think of Shenzhen as China’s Silicon Valley. The city is already home to the biggest internet conglomerate in China and some of the biggest tech companies in China.
Shenzhen is a member of the Greater Bay Area. In China, the Greater Bay Area is a business and economic hub. It links Shenzhen to other cities, including Macau and Hong Kong. Unlike other cities in China, Shenzhen has a growing population of young people who are adaptable and optimistic about tech.
Regarding talent, Shenzhen puts forth financial resources to attract talent from all over the world.