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The Chinese government is betting on Shenzhen, one of the 11 cities of the Greater Bay Area, to be the next global technology and innovation hub.
China’s stunning industrial growth are now becoming victims of the country’s prosperity.
Call them gentrification refugees, flowing out from Shenzhen, Beijing, Shanghai and other big cities.
Increasingly, China’s good jobs are clustered in the country’s cities. At the same time, rents and property costs are skyrocketing, driven by speculation and lax regulation. Efforts to create more subsidized housing are moving at a glacially slow pace, if at all. The end result is an affordability crisis for much of the country’s urban dwellers.
Shenzhen, in southeastern China, is a modern metropolis that links Hong Kong to China’s mainland. It’s known for its shopping destinations, including Luohu Commercial City, a massive mall with a vast array of wares, from tailors’ custom clothing to faux designer bags. The city also features contemporary buildings, such as the 600m-tall skyscraper Ping An International Finance Centre, and a number of amusement parks.
Local time: Monday 14:14
Weather: 31°C, Wind S at 10 km/h, 50% Humidity
Postal code: 518000
City: 1 March 1979
Population: 12.53 million (2017)
GDP (Nominal): 2017
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