#China #Shenzhen #APEC #Kishore Mahbubani

Shenzhen: A Model for Global Economic Development

Recently, Shenzhen served as the backdrop for the Asia-Pacific Economic Cooperation (APEC) Informal Senior Officials' Meeting, marking a significant occasion as it also gears up to host the 2026 APEC Economic Leaders' Meeting. This vibrant city, celebrated for its remarkable transformation, caught the attention of Kishore Mahbubani, the former Singaporean ambassador to the United Nations, who has been investigating its meteoric rise.

Mahbubani, who was present at the inaugural APEC Economic Leaders' Meeting in 1993, was astounded by Shenzhen's evolution from rice fields to a bustling metropolis filled with towering skyscrapers. He noted that APEC leaders would likely be profoundly inspired upon witnessing what Shenzhen has achieved. The city is not just a hub of commerce; it also symbolizes a new era of industrial transformation.

During his visit, Mahbubani had the chance to drive electric vehicles at BYD, a Shenzhen-based automotive powerhouse that illustrates the city’s transition from rudimentary manufacturing to cutting-edge technology. Founded three decades ago, BYD has expanded its operations across 116 countries, showcasing Shenzhen's role as a global leader in the electric vehicle sector.

As Shenzhen commemorates the 45th anniversary of its designation as a Special Economic Zone, it stands as a testament to China's developmental policies. Mahbubani asserts that the city's success can be attributed not solely to its strategic location or vast resources but significantly to its innovative institutional frameworks. He visited the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub, where he met numerous start-ups benefiting from seamless government services and policy backing—an effective model he believes other regions can emulate.

One critical takeaway from his observations is the evolution of the relationship between Shenzhen and Hong Kong. What began as a simple spillover of resources from Hong Kong has transformed into a dynamic partnership, fostering mutual support and collaboration. This integrated approach has been pivotal in attracting young talent and positioning Shenzhen at the forefront of emerging technologies, encompassing everything from electric vehicles to augmented reality.

The city is increasingly recognized for its innovative spirit and youthful energy. With a robust ecosystem of start-ups and an emphasis on high-tech industries, Shenzhen continues to draw fresh investments and talents, propelling it further as a leader in global economic development. Mahbubani suggests that Shenzhen's rapid growth and its novel development strategies present valuable lessons for other countries, particularly during times of slowing global economic growth.

As the world grapples with challenges such as economic downturns and shifting market dynamics, Shenzhen stands out as a beacon of progress and a model of what successful reform can achieve in a relatively short timeframe. Mahbubani concludes his observations by stating, "What Shenzhen has accomplished can be a real source of inspiration for countries to see how much progress can be made in such a short period of time." His insights highlight the importance of innovative thinking and collaborative frameworks for global economic advancement, positioning Shenzhen not only as a city but as a concept worth examining for its potential to inspire future generations of entrepreneurs and policymakers around the world.