#China #Shenzhen #APEC #Kishore Mahbubani

Shenzhen's Transformative Journey: Insights from APEC

Shenzhen, a city that has experienced one of the most remarkable transformations in history, recently played host to an informal gathering of high-ranking officials from the Asia-Pacific Economic Cooperation (APEC). This meeting highlighted not only Shenzhen's impressive development but also set the stage for its role as the venue for the upcoming APEC Economic Leaders' Meeting in 2026.

Former Singaporean ambassador to the United Nations, Kishore Mahbubani, who was present at the first APEC Economic Leaders' Meeting in 1993, returned to Shenzhen with a keen analytical perspective. He remarked that leaders attending the APEC meeting will be astonished by what Shenzhen has accomplished. According to Mahbubani, the inspiration drawn from Shenzhen's industrial transformation could serve as a model for other parts of the world. As he stood atop a skyscraper overlooking Shenzhen Bay, he reflected on a time decades ago when the area was merely rice fields. Now, the city’s skyline rivals that of major global cities.

During his visit, Mahbubani toured BYD, a prominent electric vehicle manufacturer based in Shenzhen. Observing new models and safety demonstrations of its blade battery technology, he noted that BYD's progress reflects Shenzhen’s broader shift from basic manufacturing to advanced technologies. Founded three decades ago, BYD operates in 116 countries, marking a significant leap in its global presence.

This year also marks the 45th anniversary of Shenzhen's designation as a Special Economic Zone, a period during which it has grown into one of mainland China's largest urban economies. This transformation is widely seen as a testing ground for China's economic development policies. Mahbubani indicated that Shenzhen’s strengths are as much about its innovative institutional infrastructure as they are about its economic prowess. He visited the Qianhai Youth Innovation and Entrepreneurship Center, a hub where startups and Hong Kong-based firms benefit from integrated governmental services and policy support—a model Mahbubani lauded as effective and replicable.

One of the noteworthy aspects of Shenzhen’s evolution is its changing relationship with Hong Kong. What was once a one-way assimilation has shifted towards mutual reinforcement, with both regions benefiting from their proximity and partnerships. With a young population and a dense ecosystem of innovation, Shenzhen continues to attract emerging industries, from electric vehicles to augmented reality. In a time where global growth is decelerating, Mahbubani asserts that Shenzhen presents a fresh perspective on development approaches.

He concluded by emphasizing that Shenzhen's achievements can inspire nations to recognize the substantial progress that can be made within short spans of time. The city exemplifies resilience and innovative thinking, proving that with the right vision and policies, significant change is possible.

For more insights, watch the video here.