Shenzhen's Luohu District Enhances Economic Bonds with Oceania

SYDNEY , Aug. 29, 2024 /PRNewswire/ -- As a central district of Shenzhen, a technology hub in South China, Luohu has bolstered its economic and trade connections with Oceania, marking a significant step toward fostering global economic partnerships.

The Luohu delegation commenced its business tour in Sydney, Australia, by hosting the China (Shenzhen•Luohu) - Australia Economic and Trade Cooperation Forum on Monday. Emphasizing its robust presence in finance, commerce, tourism, business services, information services, and artificial intelligence, the delegation strives to cultivate wider collaborative opportunities.

Australian enterprises displayed a keen interest in enhancing collaboration in cross-border trade, cultural tourism ventures, and wellness initiatives during the forum.

The delegation is set to engage with prominent institutions and enterprises in Australia before proceeding to New Zealand.

Strategically positioned in central Shenzhen, Luohu boasts seamless transportation links with Hong Kong and is home to thriving sectors such as finance, commerce, and business services. The service industry accounts for an impressive 94 percent of Luohu's GDP.

Luohu houses three out of seven of Shenzhen's land border crossings, directly connecting with Hong Kong, including the bustling Luohu checkpoint, one of China's busiest land ports for passenger entry and exit.

These land ports, coupled with one of Shenzhen's key railway stations, facilitate the annual influx and outflow of hundreds of millions of visitors from both domestic and international origins, establishing Luohu as a vital tourism hub.

Initiatives are underway to transform the district into a hub for tourism enterprises and a prime tourism consumption center within the Guangdong-Hong Kong-Macao Greater Bay Area.

The district government has introduced policies to attract international tourism organizations, tourism consortia, and industry alliances to establish branches in Luohu, promoting the development of unique local tourism products and routes.

With such a significant flow of visitors, commerce, trade, and consumption are thriving in Luohu.

Government statistics reveal that the total annual retail sales of consumer goods in Luohu surpassed 139 billion yuan ($19.5 billion) in 2023.

In addition to upscale shopping destinations including  Shenzhen MixC, and the vibrant Dongmen Pedestrian Street, Luohu is home to China's largest gold jewelry aggregation hub in Shuibei.

Finance stands as another cornerstone industry in Luohu, with over 100 licensed financial institutions and the sustained growth of leading accounting and legal service firms such as PwC, EY, and Deloitte.

Meanwhile, several strategic emerging sectors in Luohu have experienced rapid advancement.

For instance, the healthcare industry in Luohu has cultivated diverse clinical application scenarios that propel the research and commercialization of innovative pharmaceuticals and medical devices.

The local government is continually enhancing the business environment, focusing on supporting precision medicine, high-end wellness, innovative pharmaceuticals, and the development of advanced medical equipment.

In the realm of AI, applications extend to urban governance, public services, and industrial progress, with the Qingshuihe Artificial Intelligence Cluster Zone recognized as one of the city's top 10 AI clusters.

The district government unveiled its Action Plan to Promote AI earlier this month, which aims to stimulate the aggregation and application of AI industries through initiatives such as the development of specialized parks and buildings, establishing supply-demand matching platforms, and supporting enterprise innovation.

The plan encourages industries to implement large-scale AI applications, consolidate and activate data assets, while providing affordable industrial housing support to high-quality enterprises and aiding in expanding financing avenues.

According to the local government, the Luohu delegation will convene for further economic and trade dialogues, engaging with esteemed local institutions and enterprises in cross-border trade and modern service sectors to foster deeper cooperation in New Zealand, the final leg of its Oceania tour.

source: SHENZHEN CHINA ECONOMIC NETWORK MEDIA CO., LTD