(Yicai Global) Jan. 9 -- The gross domestic product of China's southern economic and tech powerhouse of Shenzhen topped CNY2.6 trillion (USD370 billion) last year in 7 percent growth that attained projected targets, according to the city government's work report.

The megacity's main development goals tamp down expectations for this year, however, projecting 6.5 percent growth of regional GDP, and an about 4.5 percent increase in the general public budget revenue.

The city's public financial revenue was 942.4 billion (USD136 billion), of which local general budget revenue was CNY377.3 billion in 6.5 percent growth for the year, and residents' per capita disposable income rose 8.5 percent, said Mayor Chen Rugui, adding that overall profits climbed more than 10 percent in enterprises above the designated size of CNY20 million (USD2.8 million) in annual operating income.

"We have effectively handled a complex situation with escalating risks and challenges, both at home and abroad, and advanced economic stability while further improving quality … Under the impact of trade frictions, we have steadfastly inspired confidence, upheld our strategic resolve, issued correct policies and provided active services, while coping with enterprise hardships," Chen said, adding, "We have preserved steady and sound economic growth, continued optimizing our economic structure and enhancing quality and efficiency" to explain Shenzhen's virtuoso performance against the backdrop of an adverse economic and trade climate.

Last year also witnessed the new registrations of over 500,000 commercial entities, whose total now numbers in excess of 3.2 million, while the city attracted 280,000 new talents.

The dynamo metropolis adjacent to Hong Kong also plans to complete 40 resident living enhancement projects, provide 150,000 new job opportunities, and control the urban jobless level within 3 percent.

Shenzhen will also promote the construction of the Guangdong-Hong Kong-Macao Greater Bay Area next year, Chen said, as well as Shenzhen's leading demonstration area, and further improve medical care and education, while increasing the supply of residential land and expanding the housing supply.

The city's GDP topped CNY2.4 trillion in 2018 in an about 7.5 percent annual increase to rank its economic aggregate among the top five municipalities in Asia.

Editor: Ben Armour