Shenzhen's soaring R&D spending rivals Beijing, dwarfs Hong Kong amid China's tech drive

South China Morning Post11-13 17:30

China's southern tech hub Shenzhen spent a record amount on research and development (R&D) last year, rivalling Beijing's level and vastly exceeding that of neighbouring Hong Kong to cement its ...

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The Chinese capital city is home to many of the nation's top educational institu","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GDP":"古德里奇","SCMP":"Sucampo Pharmaceuticals","BK6141":"互动媒体与服务","BK4213":"石油与天然气的勘探与生产","HTCD.SI":"Tencent HK SDR 10to1"},"translate_title":"深圳研发支出飙升可与北京相媲美，在中国科技发展中让香港相形见绌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GDP":1,"SCMP":1,"HTCD.SI":0.9},"content_text":"China's southern tech hub Shenzhen spent a record amount on research and development (R&D) last year, rivalling Beijing's level and vastly exceeding that of neighbouring Hong Kong to cement its position as a national research mecca.\nShenzhen's R&D expenditure jumped to 223.66 billion yuan (US$30.93 billion) in 2023, surpassing the 200-billion-yuan mark for the first time and up by nearly 19 per cent from the previous year, according to government data released last week.\nR&D made up just under 6.5 per cent of the city's gross domestic product (GDP), breaking through 6 per cent for the first time.\nDo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.\nThat made Shenzhen, home to Big Tech companies like Huawei Technologies and Tencent Holdings, the second-largest R&D hub in China in terms of both absolute expenditure and spending relative to GDP, according to the municipal government.\nTop-ranked Beijing put 294.71 billion yuan into R&D last year, representing over 6.7 per cent of its GDP. The Chinese capital city is home to many of the nation's top educational institutions and research facilities.\nIn terms of enterprise R&D spending, however, Shenzhen said it took the lead. The city's companies spent 208.57 billion yuan on R&D in 2023, accounting for over 93 per cent of total R&D spending in Shenzhen.\n\nA Huawei Technologies store in Shenzhen, the company's headquarters. Photo: Iris Deng alt=A Huawei Technologies store in Shenzhen, the company's headquarters. Photo: Iris Deng>\nThe city has named social media and video gaming behemoth Tencent, as well as US-sanctioned telecoms equipment giant Huawei, as its R&D leaders.\nHuawei last year spent 164.7 billion yuan on R&D, equivalent to 23.4 per cent of its full-year revenue, the company said in March. The company has emerged as a champion of China's self-reliance drive, aimed at reducing dependence on foreign technology. It is a leading provider of home-grown alternatives to Nvidia's artificial intelligence processors.\nTencent's R&D expenditure last year amounted to 64.07 billion yuan, according to the company's annual report.\nBy comparison, Shenzhen's R&D spending dwarfed the levels seen in Hong Kong, the neighbouring financial hub striving to boost its science and tech ecosystem.\nHong Kong spent HK$30.13 billion (US$3.87 billion), or around 28 billion yuan, in R&D in 2022, increasing 8 per cent from the previous year but still less than one-fifth of the amount Shenzhen spent in the same year.\nHong Kong's R&D expenditure made up just over 1 per cent of its GDP in 2022, compared to over 5.8 per cent in Shenzhen.\nHong Kong has yet to release its R&D spending data for 2023.\nThe Hong Kong government in December 2022 unveiled a blueprint that outlined the city's plans to transform itself into a world-leading innovation and technology (I&T) hub.\nThe city set forth a number of initiatives, including most recently a HK$10 billion government-led fund that aims to attract as much as HK$100 billion in investments in the I&T sector in a decade.\nThis article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved. \nCopyright (c) 2024. South China Morning Post Publishers Ltd. 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