A view of construction sites in the Shekou area is pictured, in Shenzhen, Guangdong province, China June 11, 2022. Picture taken June 11, 2022. Picture: REUTERS/DAVID KIRTONDavid Fong made his way from a poor village in central China to the southern boomtown of Shenzhen as a young man in 1997. Over the next 25 years, he worked for a succession of overseas manufacturers before building his own multi-million dollar business making everything from schoolbags to toothbrushes.
Created in 1979 in the first wave of China’s economic reforms, which allowed private enterprise to play a role in the state-controlled system, Shenzhen transformed itself from a collection of agricultural villages into a major world port that is home to some of China’s leading technology, finance, real estate and manufacturing companies.
The city has long been seen as among the best and most dynamic places for business in China and a triumph of the country’s economic reforms. President Xi Jinping called it the “miracle” city when he visited in 2019. Another of the city’s major companies, top-selling property developer China Evergrande, sparked fears of a collapse last year under its heavy debts that would have wreaked havoc with China’s financial system. Down the road, Ping An Insurance Group, China’s largest insurer, took big losses on property-related investments.Song Ding, a director at the China Development Institute
“Shenzhen’s economy is faltering, leaning back, and sluggish, while some are doubting if Shenzhen has enough momentum,” Song Ding, a director at the state-linked think-tank China Development InstituteThe Shenzhen government did not reply to a request for comment for this story.“There's a lot of people with a stake in Shenzhen remaining predictable, unlike before. You can't just experiment freely and see what sticks any more,” one city official told Reuters, on condition of anonymity.
Overseas entrepreneurs who flocked to Shenzhen to have their designs turned into products no longer make regular visits to its factories and the world’s largest electronics market in Huaqiangbei, forcing dozens of expat bars and restaurants to close or adapt to local tastes.
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