(Yicai Global) Jan. 18 -- The southeastern Chinese city of Shenzhen logged a 7.5 percent increase to its economic growth last year, which catapulted the city to the top five Asian cities with the strongest growth.

Shenzhen's gross domestic product climbed to CNY2.4 trillion (USD354.4 billion), Mayor Chen Rugui said in a government work report today. 

The city's public budget revenue increased 5.5 percent to CNY910.2 billion (USD134.4 billion). After payments to the central government, Shenzhen will keep CNY353.8 billion of this, up 6.2 percent. Disposable income per capita went up 8.4 percent. 

The development of high-tech industries in Shenzhen has set a good example for the rest of China, the mayor said. Last year, the proportion of Shenzhen's total investment in research and development in its GDP, as well as the number of its international patent applications under the Patent Cooperation Treaty, ranked first in the nation.

Shenzhen is also a pioneer in implementing a multi-level housing supply security system to optimize its housing stock. The city also reduced fees and costs for its firms by CNY140 billion last year. Privately held companies' economic added-value rose 10 percent.

Editor: Emmi Laine