Shenzhen invested 64b yuan in fostering innovation, mayor says

More than 4 per cent of Shenzhen's GDP, or about 64 billion yuan (HK$80.46 billion), was invested in research and development last year, its mayor said yesterday.

The city had made remarkable progress with innovation-driven development, mayor Xu Qin said on the sidelines of the annual parliamentary sessions in remarks to the online news portal affiliated with .

Shenzhen had filed 116,000 patent applications under the international system, accounting for half of the nation's total, Xu said.

"Shenzhen invested 4.02 per cent of its GDP in research and development last year, two times the country's average level," Xu said.

The city's gross domestic product reached 1.6 trillion yuan last year, an expansion of 8.8 per cent.

Six emerging industries - biotechnology, the internet, new energy, new materials, information technology and the cultural and creative industries - contributed to 35 per cent of the growth, according to Xu, higher than any other mainland city.