Shenzhen, a major tech center in southern China, has significantly increased its R&D spending in 2023.

Government data reveals an expenditure of 223.66 billion yuan (approximately US$30.93 billion), marking a nearly 19 percent increase from the previous year.

This spending accounts for just under 6.5 percent of Shenzhen’s GDP, which also surpasses the 6 percent mark for the first time.