(Yicai Global) Jan. 17 -- Shenzhen's gross domestic product increased last year as companies put money into research and development in the southern Chinese city.
Shenzhen is expected to post a GDP of CNY2.24 trillion (USD350 billion) for 2017, marking an 8.8 percent increase, per data released at the 9th Plenary Session of the 6th Shenzhen Municipal Committee of the Communist Party of China. CNY90 billion of R&D investment in the city likely accounted for 4.1 percent of GDP.
The so-called Silicon Valley of the East is home to Chinese tech behemoth Tencent Holdings Ltd.'s headquarters. Apple Inc. set up a large R&D center in the city last year.
The highlight of Shenzhen's economy is that its R&D investment continues to increase, said Cao Zhongxiong, a research fellow at the China Development Institute. Shenzhen has a sound industrial system featuring global top 500 enterprises engaged in internet and electronic information, as well as R&D-oriented firms and advanced manufacturing ones, he said.
The value of Shenzhen's export-import volume surpassed CNY2.6 trillion last year, ranking first nationwide for the 25th straight year.