Shenzhen (6do encyclopedia)



Shenzhen is a modern metropolis located on the southeastern coast of China. It is situated in the Guangdong Province, next to Hong Kong. Shenzhen is known as a megacity, home to 12.5 million people, with an area of approximately 2,050 square kilometers. It is the fifth-largest city by population and the third-largest city by GDP in China.

History

Shenzhen was a small fishing village in the early 1980s and, after the decision to establish the SEZ (Special Economic Zone), it became a city of great importance. It was established in 1979 with the approval of Deng Xiaoping, the former Chinese leader. In the following years, Shenzhen experienced unprecedented economic growth and has become one of the leading cities in China.

Geography

Shenzhen is situated in the southern part of Guangdong Province, adjacent to Hong Kong. It has a tropical climate with an average temperature of 22.5°C and an annual rainfall of 2,000mm. The city is located in a hilly region with a number of rivers and streams flowing through it, including the Dongjiang River.

Culture

Shenzhen is a melting pot of different cultures and traditions. As it is a relatively new city, the culture is still evolving and developing. There is a strong influence of Cantonese culture due to its location in Guangdong, but there are also many other cultural influences from all over China. Moreover, due to the proximity to Hong Kong, there is a significant influence of Western culture. The city is also home to many museums and art galleries, showcasing traditional Chinese and modern art.

Economy

Shenzhen was established as a Special Economic Zone in 1979 and has since been transformed into a modern metropolis. The city has become a hub for technology and innovation, with many technological giants having established their headquarters in the city. It is home to the Shenzhen Stock Exchange, the fourth-largest stock exchange in China, and has a GDP of over $385 billion. Shenzhen is considered the tech capital of China and has been dubbed as the Silicon Valley of China.

Tourism

Shenzhen has become a popular destination for tourists, with many attractions to offer. One of the most well-known tourist attractions is the Window of the World, which is a theme park featuring miniature replicas of famous landmarks from all around the world. Another popular attraction is the Dameisha beach, which is a beautiful seaside resort located in the eastern part of the city. The city is home to several theme parks, such as the Happy Valley and the Splendid China and the China Folk Culture Villages.

Transportation

Shenzhen has an excellent transportation system, consisting of the metro system, buses, taxis, and ferries. The city has nine metro lines, with a total length of 329.5 kilometers, making it one of the longest metro lines in China. The bus system is also well developed, with over 350 bus routes which cover most of the city. Shenzhen is also well connected to other parts of the country, with three airports and several high-speed rail connections.

Conclusion

Shenzhen is a city that has transformed itself from a small fishing village to a modern megacity in just a few decades. It’s a hub for innovation and technology, and it has become one of the leading cities in China. The city has a rich culture, beautiful scenery, and a well-developed transportation system, making it a popular destination for tourists from all around the world. Shenzhen is a city that represents the rapid growth and transformation of China’s economy and society.


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China aims to cook up job growth with return of street-stall economy

Nikkei Asia

23-05-13 15:52


China's major cities are welcoming back street vendors in a bid to boost job growth and spending in the wake of COVID-19 restrictions. Shenzhen has already begun allowing street vendors to set up within designated areas, while Shanghai is considering allowing stalls in certain pedestrian-only zones during specific times. The move reverses attempts to clear hawkers from the streets in recent years.

https://asia.nikkei.com/Economy/China-aims-to-cook-up-job-growth-with-return-of-street-stall-economy
Huawei is looking to clean up coal mining with technology like 5G

South China Morning Post

23-05-13 02:00


Chinese coal mines are adopting remote sensors, imaging and automatic control technologies to improve efficiency and safety. Automated machines are operated from control rooms above ground, communicating with the miners underground through video calls. This has not only improved safety but also cut the number of workers needed underground by half, according to Shi Chao, Head of Intelligent Mining at Hongliulin Coal Mine. Huawei's technology is a significant part of this revolution with its network infrastructure and AI capabilities creating a digital replica of the underground environment. With 4,000 mines, China hopes to smarten by 2025 its largest and most hazardous mines with the rest being digitalised by 2035. In February, an open-pit coal mine collapsed in Inner Mongolia, leaving more than 50 people dead or missing.

https://www.scmp.com/tech/big-tech/article/3220337/how-dirty-and-dangerous-job-coal-mining-getting-digital-makeover-firms-huawei
China Evergrande ordered to pay $111 mln in arbitration against unit, exec

Reuters

23-05-12 16:37


China Evergrande Group has received an enforcement notice ordering it to pay RMB770m ($111.4m) in compensation to Hexin Hengju (Shenzhen) Investment Holding Center, related to arbitral proceedings against the developer and its unit Guangzhou Kailong Real Estate as well as executive director Hui Ka Yan. The claimant had invested RMB5bn in Hengda Real Estate, another China Evergrande unit, to buy a 1.6% stake, but the deal collapsed. The notice requires Guangzhou Kailong and Hui to pay an outstanding dividend amount of RMB204m and liquidated damages of RMB51.53m, as well as buy back the Hengda stake for RMB5bn.

https://www.reuters.com/world/china/china-evergrande-ordered-pay-111-mln-arbitration-against-unit-exec-2023-05-12/
Evergrande Ordered By China Court to Pay $860 Million in Dispute

Bloomberg

23-05-12 16:05


Chinese property developer China Evergrande Group has been ordered by a Chinese court to pay roughly Yuan6bn ($860m) to a local investor. Evergrande and its founder Hui Ka Yan have been ordered to buy back shares worth Yuan5bn from Hexin Hengju Investment, giving it a 1.6% stake in Evergrande's core property unit. Hexin was one of the investors that had demanded repayment if the unit failed to get a listing on the Shenzhen stock exchange by 31 January 2021.

https://www.bloomberg.com/news/articles/2023-05-12/evergrande-ordered-by-china-court-to-pay-860-million-in-dispute?srnd=next-china
U.S.-Thai Relations Have An Alliance Problem

Foreign Policy

23-05-12 14:45


Regardless of the outcome of Thailand's upcoming national election, the kingdom's prevailing foreign policy orientation towards China is set to result in further weakening of its treaty alliance with the US. Last year marked the US’ strongest period in Thailand since the coup, with key visits, agreements and strategic partnerships cementing relations between the two nations. Meanwhile, Beijing's relations with Thailand hit a rare rough patch, with issues arising around closed land borders, curbing the export of Thai goods and buyers struggling to purchase Thai condominiums. Thailand's political leaders responded with concern to China's policy changes driven by ideology, including an absence of tested mRNA vaccines. Chinese pressure on the high-speed rail project between Kunming and Bangkok also put a strain on relations.

https://foreignpolicy.com/2023/05/12/united-states-thai-relations-alliance-china-problem/
Chinese charger maker Anker pursues Xiaomi-like diversification

Nikkei Asia

23-05-16 04:14


Chinese electronics firm Anker Innovations, known for its chargers, now generates more than 90% of its sales from outside China. The Shenzhen-based company has said it aims to broaden its offering to include more consumer tech devices, having developed headphones and vacuum cleaners in recent years.

https://asia.nikkei.com/Business/Electronics/Chinese-charger-maker-Anker-pursues-Xiaomi-like-diversification
Baidu, JD.com lead Hong Kong stocks as famous money manager buys tech

South China Morning Post

23-05-16 02:47


Hong Kong's benchmark Hang Seng Index rose a slight 0.4% to 20,049.34, despite disappointment with China's latest economic data. Tech shares received a boost when Michael Burry, famous for predicting the 2008 housing crisis, doubled his holdings in Alibaba Group Holding and tripled his stake in JD.com. Both holdings now account for 20% of his stock portfolio. Moody's Investors Service has projected a favourable outlook for China’s property sector for the first time in around two years, based on domestic economic conditions. Haidilao advanced 1.3%, while casinos, Galaxy Entertainment and Sands China, rose by 1.4% and 1.1% respectively. Chip maker Smarter Microelectronics Guang, which began trading in China, fell 6% to 19 yuan in Shanghai. Metal hardware manufacturer Hwaway Technology gained 10% to 31 yuan in Shenzhen.

https://www.scmp.com/business/banking-finance/article/3220675/alibaba-jdcom-lead-hong-kong-stocks-famous-money-manager-buys-tech-and-investors-bet-more-beijing
Tencent unveils over 30 video game updates and new titles amid market turnaround

South China Morning Post

23-05-16 14:30


Tencent showcased more than 30 game updates and new projects at its annual Spark conference, highlighting the potential of technology, including artificial intelligence (AI), for game development. The conference also saw Tencent highlighting the capabilities of its subsidiaries, such as TiMi Studio, NExT Studios and Tourdog Studio. After Beijing's regulatory crackdown, China's video gaming market is showing signs of emerging from a downturn, with the National Press and Publication Administration approving 86 new games in April and roughly the same number of new licences granted in each of the first three months of 2023.

https://www.scmp.com/tech/big-tech/article/3220782/tencent-unveils-more-30-video-game-updates-and-new-projects-pipeline-it-braces-increased-competition
China’s developers keep investment powder dry even as home sales improve

South China Morning Post

23-05-16 23:00


Sales of homes in China increased by 11.8% in the first four months of 2019, up 7.1% for Q1, leading ING's Iris Pang to speak of "bottom fishing activities in the home buying market." Of the housing market, National Bureau of Statistics spokesman Fu Linghui said, "demand has been released quickly," with the Yangtze River Delta area, Greater Bay Area and Beijing-Tianjin-Hebei region particularly active. Moody's revised its outlook for Chinese property to stable from negative thanks to better sales and funding for developers.

https://www.scmp.com/business/china-business/article/3220754/chinas-developers-keep-their-investment-powder-dry-even-home-sales-improved-first-four-months-2023
China Restarts GDR Approvals With New Rules on Registration

Bloomberg

23-05-17 02:39


China’s securities regulator has unveiled new rules for global depositary receipts (GDRs) that could renew listings in Europe. The China Securities Regulatory Commission now mandates the registration of companies within three days of GDR applications' submission. Further, any subscription size must be reasonable, pricing must be aligned with regulations, while lockup periods for investors must also conform with guidelines. The identity of subscribers in the GDR issue must be part of a report submitted 15 days after a sale.

https://www.bloomberg.com/news/articles/2023-05-17/china-restarts-gdr-approvals-with-new-rules-on-registration?srnd=next-china
Hong Kong stocks fall as investors look to earnings reports for positive signs

South China Morning Post

23-05-17 02:38


Hong Kong stocks have slipped amid investor caution about China's recent economic data and anticipation of updates from tech giants' quarterly earnings. HSBC and logistics firm Orient Overseas International were among companies facing losses as the Hang Seng Index fell by 0.3%. While the Tech Index displayed only minor movement, the Shanghai Composite Index slipped 0.3%. Baidu's first-quarter results came out on Tuesday, with sales of CNY 31bn ($4.78bn) and a net income of CNY5.4bn beating expectations. Despite recent stock fluctuations, online retailer Alibaba has gained 1%.

https://www.scmp.com/business/banking-finance/article/3220807/hong-kong-stocks-fall-investors-wait-tech-earnings-fret-over-china-recovery-and-us-debt-ceiling
Tencent’s Sales Grow Most in Over a Year After China Reopens

Bloomberg

23-05-17 08:35


China's Tencent Holdings reported an 11% uptick in revenues to $21.4bn for Q1, better than forecasts, but net income of $3.99bn fell short of predictions. The firm grew online advertising 17% and profits from investment gains rose 23% in the first quarter, however, it faces competition in its core gaming and social media markets, as well as from fintech newcomers. Tencent intends to fill its empty pipeline with hits such as Valorant and will integrate artificial intelligence across its suite of products from WeChat to online media. In March, Tencent debuted Honor of Kings in Brazil, paving the way for a global roll-out.

https://www.bloomberg.com/news/articles/2023-05-17/tencent-s-revenue-grows-most-in-over-a-year-after-china-reopens?srnd=next-china
Stocks stuck in a rut as slow economic recovery spooks bulls

South China Morning Post

23-05-17 07:30


Asia's bullish stock traders are dwindling as China's post-Covid economic recovery has failed to rally stocks in a sustained way, reinforced by a recent miss in April economic data, from industrial production to fixed-asset investment. Concerns centre on the speed and strength of China's recovery and a looming overseas recession that will add to the pressure on external demand. The lacklustre trading pattern has led to a drop in the number of investors bullish on China's recovery, a recent survey by Bank of America revealed, adding that India has overtaken China as the favourite for investors in Asia. Per capita consumer spending during May's golden week holiday came in below pre-pandemic levels. Property investment continued to contract, and youth unemployment hit a record high of 20.4% – but that data excluded almost 12 million university graduates who will enter the job market this summer.

https://www.scmp.com/business/china-business/article/3220843/stocks-stuck-rut-mainland-china-and-hong-kong-slower-expected-economic-recovery-spooks-bulls
Stem cell study in Nature didn’t have ethical approval, Chinese academy says

South China Morning Post

23-05-17 06:00


A stem cell study led by a team at the state-backed Chinese Academy of Sciences (CAS) and published in the journal Nature last year did not receive the required ethical approval, according to the CAS ethics committee office. The researcher involved falsified paperwork during the process of publishing the paper to show the study had ethical approval when it did not, said Yang Weiping, director of the CAS office. The study converted human pluripotent stem cells into eight-cell totipotent embryo-like cells before injecting them into the uterus of mice to develop further. The researcher concerned received a warning, suspension as a postgraduate supervisor for a year, and a cut in some research funding.

China has strengthened ethics oversight on scientific research involving humans in recent years, after Shenzhen scientist He Jiankui announced in 2018 that he had produced the first gene-edited babies. He was handed a three-year jail term for “illegal medical practices”. New bioethics guidelines on human-related research were introduced in March. The study published last month in Chinese journal Science Bulletin, led by Yang of the CAS office, found that failure to obtain approval to conduct research from ethics committees is the main reason scientific papers are retracted worldwide, with 77% of retractions globally and 58% in China made for this reason.


https://www.scmp.com/news/china/science/article/3220810/stem-cell-study-nature-didnt-have-ethical-approval-chinese-academy-says

Tencent’s revenues accelerate as China emerges from Covid lockdowns

Financial Times

23-05-17 13:19


Chinese multinational conglomerate Tencent's advertising revenues rose 17% in Q1, compared to the same period last year. The firm also revealed that its fintech segment saw a 14% rise in revenue driven, in part, by WeChat Pay and gaming sales. Shoppers and diners using the digital wallet contributed one third of the group's total revenues, while virtual armour and other game sales also contributed a third. However, the company was impacted by a new rule limiting the amount of time minors can play games, which led to a 96% drop in game time compared to Q1 2020.

https://www.ft.com/content/d6967d65-e13a-4861-a139-1f0de946b473
Facing Pressure From China, Can the US Recreate Silicon Valley?

Diplomat

23-05-17 16:04


The Biden administration has announced a $500m tech hub funding scheme as part of its $10bn CHIPS and Science Act. The Regional Technology and Innovation Hub Program has a goal of identifying about 20 US cities or regions as prospective tech hubs and eventually selecting 10 for funding. The scheme aims to bring together industry, universities, state and local governments, economic development organisations, and labour and workforce partners to supercharge ecosystems of innovation for technologies that are essential to economic and national security. Each region will focus on one of the 10 key tech areas identified in the scheme, including AI, robotics, biotechnology, data management, cybersecurity, and energy technology.

The US enjoys the advantage of having many outstanding teaching and research universities across the nation that can serve as anchors for tech hubs. Several recent examples showcase the viability and vibrancy of even the existing regional private-public-academic collaboration. Community colleges are increasingly being enlisted to train a broader base of skilled workers to supply tech enterprises with skilled manpower to fill the new jobs created. Each tech hub will foster US global tech competitiveness in its focus area, while also fostering more regional economic equity. US Commerce Secretary, Gina Raimondo, said: “You shouldn’t have to move to Silicon Valley if you’re a scientist with a great idea.”


https://thediplomat.com/2023/05/facing-pressure-from-china-can-the-us-recreate-silicon-valley/

US-sanctioned Huawei sharpens focus in home market with local government deals

South China Morning Post

23-05-17 14:30


Huawei has signed cooperation agreements with local governments in Sichuan, Guangzhou and Tianjin, pledging to support smart port, computing resource and telecom infrastructure. 5G, artificial intelligence and cloud computing technologies will reportedly be employed to help Tianjin's digital transformation. Similarly, Huawei has signed a strategic cooperation deal with Sichuan province, which involves expanding local data storage capacity. These initiatives also reflect how China's biggest tech companies are following directives from China's leadership to strengthen job creation across the country in the wake of the pandemic.

https://www.scmp.com/tech/big-tech/article/3220916/us-sanctioned-huawei-sharpens-focus-home-market-through-new-strategic-cooperation-pacts-local
Alibaba, Baidu pace Hong Kong stocks on earnings sentiment while Tencent drops

South China Morning Post

23-05-18 02:41


Hong Kong stocks rose due to positive earnings reports from tech giants including Tencent and Baidu, which reported better-than-expected revenue. Alibaba is poised to reveal its latest report. The Hang Seng Index added 0.9%, but the Tech Index sank 0.8% and the Shanghai Composite Index slipped by 0.3%. Two new companies began trading in China, with defense technology manufacturer Aerospace Nanhu Electronic rising 18% and household appliance manufacturer Guangdong Deerma Technology falling 0.5%. Most Asian markets closed higher.

https://www.scmp.com/business/banking-finance/article/3220948/alibaba-baidu-pace-hong-kong-stocks-earnings-sentiment-while-tencent-drops-after-falling-short
Scientists may have found an antidote for the world’s deadliest mushroom

South China Morning Post

23-05-18 08:00


Scientists from China and Australia have discovered an effective antidote to the potent toxin found in Amanita phalloides, otherwise known as the death cap mushroom. The mushroom is responsible for 90% of mushroom-related deaths globally, with almost 800 deaths and 40,000 illnesses recorded in China alone in the decade to 2020. Researchers have been unable to understand how the α-amanitin in the mushroom poisons humans and there was previously no antidote. But in vitro tests and experiments on mice showed that the medical dye indocyanine green could reduce the toxicity of the death cap toxin in human cells and mice.

https://www.scmp.com/news/china/science/article/3220963/scientists-may-have-found-antidote-worlds-deadliest-mushroom