The formation and evolution of Shenzhen model (it is not allowed to reprint and quote without my consent)

1. Vigorously develop exogenous economy.

At the end of 1970s, Hong Kong's industry was facing industrial transformation. Due to rising wages and land costs, most labor-intensive industries are unsustainable and are looking for new investment space. At this time, it coincided with the implementation of reform and opening up in China, and Shenzhen was approved as the largest special economic zone in China. Being separated from Hong Kong by a river, Shenzhen naturally becomes the first choice for the development of Hong Kong capital in the Mainland.

At the beginning of Shenzhen's establishment, the main form of attracting foreign investment was "three to one supplement". The so-called "three supplies and one supplement" means processing with supplied materials, processing with supplied samples, assembling with supplied parts and compensation trade. This form of introducing foreign capital has the characteristics of flexible form, less investment, short time, quick effect, low risk and low cost. It plays a positive role in solving labor employment and increasing foreign exchange income, and is an effective way to promote the early development of export-oriented economy in Shenzhen.

According to media reports, Zheng Keming was the first Hong Kong businessman to invest and set up a factory in Shenzhen. Zheng Ke was born in Heshan, Guangdong Province. He has lived in Hong Kong for many years, but he still cares about the world on the north bank of Luohu Bridge. 1at the beginning of 978, he heard that the mainland was carrying out reform and opening up, so he asked several brothers to find some old machines and crossed the Luohu bridge from Hong Kong to Shenzhen to open a handbag factory. After coming to Shenzhen, Zheng quickly signed a contract with the local village government. According to the contract, Zheng contributed to build the factory and provided machinery when the village left the land for the people; The raw materials were brought in from Hong Kong by Zheng, and the processed products were still sold to Hong Kong by Zheng. This is the original model of the so-called "three to one supplement".

After Zheng Keming came to Shenzhen to set up a factory, many of Zheng's fellow travelers in Hong Kong followed suit. Since then, groups of Hong Kong people have flocked from Luohu Bridge with machines to build simple factories in Shenzhen or produce handbags and leather products. Or produce cloth and clothing; Or produce hardware, bicycles, etc. This processing trade model called "three supplements" was quickly copied.

According to local people's memories, when it was rolled out from Luohu Port, a large area was full of small short houses, so it was impossible to tell things apart when walking in the middle of the factory building. Although there were many handbag factories and luggage factories at that time, there were still a steady stream of Hong Kong businessmen carrying machines and sacks of raw materials across the Luohu Bridge.

Since then, all towns and villages in Shenzhen have welcomed Hong Kong businessmen with the business of "three supplements and one supplement". 1979, more than 100 processing trade enterprises settled in Shiyan Village, Baoan.

Under the influence of "three contributions and one supplement" effect, 1979, Shenzhen formally put forward the export-oriented economic development strategy of the special zone, focusing on the development of foreign-funded enterprises. 1979, Xie Guomin, an overseas Chinese from Thailand, first came to Shenzhen, obtained the business license of "00 1" Sino-foreign joint venture in Shenzhen, and established Shekou Company of Zheng Da Group. Since then, Xie has set up a joint venture with Conti Group, a continental grain company in the United States.

By the end of 1979, Shenzhen had introduced more than 200 "three-for-one supplement" enterprises and "foreign-funded" enterprises. By the end of 198 1, there were more than 1800 foreign-funded enterprises in Shenzhen. By the end of 1985, Shenzhen Special Economic Zone had signed 4,696 agreements with foreign investors, with an agreed investment of 3.35 billion US dollars, accounting for one sixth of the country's direct utilization of foreign capital at that time. So far, Shenzhen's export-oriented economic structure has begun to take shape.

2. Liberalize the development of private economy.

Before the establishment of Shenzhen Special Economic Zone, that is, before 1980, there were only six individual industrial and commercial households with annual turnover below 30,000 yuan. In the 1980s, when the development of private economy was still in the wait-and-see stage, Shenzhen clearly put forward that we should attach importance to the development of local private economy while attaching importance to the development of foreign-funded enterprises, and formulated important policies and regulations such as the Measures for the Registration of Private Technology Enterprises in Shenzhen Special Economic Zone and Several Opinions on the Development of Private Enterprises in Special Zones. After 1980, Shenzhen followed the idea of "get rich first, learn later, live first, and order later". While allowing and supporting local residents to develop their individual economy, it boldly implemented the policy of "opening the city gate and actively introducing" and allowed self-employed people from neighboring counties and other provinces to enter the special zone to operate.

By the end of 1985, the number of self-employed households in the city had grown to 2 1 18, and some self-employed households actually broke through the boundaries of individual economy in terms of business scale and number of employees and began to transform into private enterprises.

1987 the State Council promulgated the Interim Conditions for the Administration of Individual Industrial and Commercial Households in Cities and Towns, 1988 the State Council promulgated the Provisional Regulations on Private Enterprises in People's Republic of China (PRC). During this period, according to the relevant national policies and regulations, combined with local conditions, Shenzhen has successively promulgated a series of policies and regulations to support and encourage the private economy, such as the Regulations on the Administration of Private Technology Enterprises in Shenzhen Special Economic Zone and the Interim Provisions on Private Enterprises in Shenzhen Special Economic Zone. To provide more favorable conditions than the mainland and attract a large number of government officials and scientific and technological personnel from all over the country to set up private enterprises, especially scientific and technological private enterprises. Individual industrial and commercial households that accumulated considerable funds in the previous stage have also been officially registered as private enterprises, and the private economy has entered a stage of steady development. By the end of 199 1, the number of private enterprises in the city had grown to 1024, with a total registered capital of10.50 billion yuan.

1992 After Deng Xiaoping's southern tour, China's * * * Production Party held its 14th National Congress, which established the general direction of economic reform under the socialist market economy system. According to the overall reform goal of the country, before the promulgation of the Company Law, Shenzhen took the lead in promulgating the Regulations on Limited Liability Companies, the Regulations on Joint Stock Limited Companies and the Regulations on Partnership Enterprises on 1992. These forward-looking policies and regulations have once again aroused the upsurge of private entrepreneurship. According to the introduction of the industry and commerce department, for a time, the registration of private enterprises soared, and hundreds of private enterprises were added every day at the peak. Most of the famous private enterprises that will become industry leaders in the future are prepared or continued during this period. For example, Huawei and Center in communication field, Tencent in network field, Kingdee in software field, Neptune and Sea in bioengineering field; BYD, Changyuan and Admiralty High Energy in the field of new materials.

Because Shenzhen has initially established the basic framework of the market economy system and has independent legislative power, some rules and regulations restricting the development of private enterprises during the planned economy period have been basically abolished. In Shenzhen, private enterprises can enter any behavior that is not prohibited by laws and regulations. Private enterprises in Shenzhen include traditional industries such as commerce and trade, catering service, transportation, construction, processing and manufacturing, high-tech industries such as electronics, communication, bioengineering, software and laser, modern service industries such as finance, logistics and cultural creativity, and even some monopolistic industries have opened their doors to private enterprises. It is precisely because of this open and fair competitive environment that a number of private enterprises such as Huawei, Center, Ping An, BYD and Vanke have been created.

Vigorously supporting private enterprises to implement scientific and technological innovation is also an important measure for Shenzhen to develop private economy. By the end of 200 1, there were 30 private technology enterprises1/kloc-0 officially recognized by Shenzhen Science and Technology Bureau, including 60 high-tech enterprises. The total income of technology, industry and trade of private technology enterprises is 28.2 billion yuan, and the total industrial output value is 27 billion yuan. There are 14 municipal technology development centers in the city, 4 of which are located in private enterprises, and more than 40% of R&D personnel in the city are concentrated in private enterprises. Among private enterprises in Shenzhen, 64% have independent intellectual property rights, and the output value created by independent intellectual property rights accounts for 88% of the total output value of private technology enterprises in Shenzhen.

3. Take the lead in establishing a new market economic system.

As the "experimental field" of China's reform and opening up, Shenzhen has taken the lead in establishing the basic framework of the socialist market economic system since the establishment of the Special Zone in accordance with the spirit of the Central Committee's instructions of "fighting our way out" and "jumping out of the existing system", creating a number of national firsts.

First, actively explore the reform of the government administrative system with streamlining institutions and changing functions as the main content. 1986, Shenzhen took the lead in abolishing most branches' political departments and implementing the multi-department system, which took the first step of separating government from enterprises. 65438-0987, Shenzhen took the lead in establishing a civil service system in state organs, and turned the staff of state organs into civil servants; 1992, the administrative examination and approval system was reformed, the old rules and regulations in the planned economy period were abolished, most administrative examination and approval items were cancelled, and the market access system was relaxed.

Second, actively promote the reform of state-owned enterprises. From 65438 to 0986, Shenzhen took the lead in the pilot reform of state-owned enterprises, established the first institution specializing in the management of state-owned assets in China-Shenzhen Investment Management Company, abolished the administrative level of enterprises, and transformed six state-owned enterprises into shares. Take the lead in openly recruiting management talents for the whole country and implement the factory director (manager) responsibility system. From 200/kloc-0 to 2003, Shenzhen took the lead in promoting the overall reform of state-owned enterprises with disadvantages in the competitive field, recruited five large state-owned enterprises through international bidding, and authorized several large state-owned enterprise groups to operate.

Third, actively promote the reform of the price system. From 65438 to 0987, Shenzhen started with the reform of non-staple food prices, which people were most concerned about, and gradually expanded to the reform of industrial products prices, canceling all kinds of tickets, delegating pricing authority, implementing floating prices, and changing the price of materials allocation to the price of agreement acquisition and agreement sales. In the early 1990s, the idea of price reform was further adjusted, from "focusing on adjustment" to "focusing on liberalization". Up to now, 97% of the commodity prices in Shenzhen are regulated by the market.

Fourth, actively promote the reform of labor, personnel and distribution system. As early as 198 1, Shenzhen Shekou Industrial Zone took the lead in openly recruiting cadres and workers for the whole country, and announced the abolition of the tenure system for cadres in the industrial zone. From 65438 to 0986, Shenzhen took the lead in implementing the labor contract system in state-owned enterprises, breaking the "iron rice bowl" and taking the lead in implementing the structural wage system and post wage system. Shenzhen has also experimented with employee stock ownership and stock option system in joint-stock enterprises, stipulating that intangible assets such as intellectual property rights and technological inventions, brands, trademarks and patents can be invested at a fixed price. These reforms have greatly mobilized the production enthusiasm of enterprise employees and stimulated the innovative activities of scientific and technological personnel and entrepreneurs.

Fifth, actively explore financial system reform.

At the beginning of the reform and opening up, Deng Xiaoping once said to the responsible comrades in Shenzhen: The central government has no money, so you can find it yourself and fight it yourself. According to Comrade Xiaoping's instructions, Shenzhen actively explored banking, securities, insurance and other fields, creating a number of "firsts" in the financial history of new China.

1982, Nanyang Commercial Bank Shenzhen Branch opened, becoming the first foreign bank introduced from the mainland of China.

From 65438 to 0985, Shenzhen established the first foreign exchange adjustment center in China, which provided a useful exploration for establishing a standardized foreign exchange market in various places.

1 986165438+10, the first joint-stock commercial bank in China was established with an investment of1100 million yuan.

On February 28th, 1987, 1987, Shenzhen Development Bank was established, becoming the first commercial bank to issue shares to the public since the founding of the People's Republic of China.

1 990 65438+February1,the Shenzhen Stock Exchange officially opened for business.

On May 27th, 2004, the SME Board was officially launched in Shenzhen Stock Exchange. On June 25th of the same year, the first batch of 8 new shares of small and medium-sized board were listed and traded in Shenzhen Stock Exchange.

In September 2009, Shenzhen Stock Exchange officially launched the Growth Enterprise Market. In the same year1October 30th, the first batch of 28 GEM companies were officially listed on Shenzhen Stock Exchange. At this point, Shenzhen capital market has formed a trapezoidal multi-level capital market structure composed of main board, small and medium-sized board and growth enterprise market.

Sixth, make full use of legislative power, promote economic system reform and consolidate the achievements of economic system reform. 1In July, 992, Shenzhen was granted legislative power by the National People's Congress. Shenzhen makes full use of this advantage to provide legal guarantee for taking the lead in building the basic framework of socialist market economic system. After Shenzhen has the legislative power, it has successively formulated a series of laws and regulations on market planning, market order and social security. By the end of 2000, among the 95 1 laws and regulations formulated by Shenzhen, the legislation directly related to economic reform accounted for 73% of the total legislation. At present, Shenzhen has initially formed a legal framework to meet the needs of the market economy in the Special Economic Zone and conform to international practices. The formulation and implementation of these laws and regulations not only effectively promoted the reform and development of Shenzhen, but also provided fresh experience for national legislation.

4. Change the growth mode and implement industrial transformation and upgrading.

After more than 30 years of reform and development, Shenzhen's industrial structure has been continuously optimized, and gradually formed four pillar industries: high-tech industries with distinctive characteristics, financial industry with relatively sound and perfect market system, logistics industry with China Unicom's international radiation to the mainland, and cultural industry (the latter three can be called modern service industry).

The process of industrial structure adjustment and optimization in Shenzhen is not smooth sailing, during which it has experienced the hardships of exploration and the pains of transformation. Generally speaking, Shenzhen's industrial structure has undergone three major transformations and upgrades.

(1) the first industrial transformation: from trade to industry

Shenzhen Special Economic Zone was established on the basis of the former Baoan County, which is an agricultural county with neither perfect infrastructure nor industrial base, leaving only "poor and white" for the big special zone. If Shenzhen has any advantages at the beginning of the construction of the special zone, it is nothing more than these two points: first, the state has given some preferential policies, such as tax reduction, tax exemption and export tax rebate, to attract foreign investment, and state-owned enterprises enjoy import and export autonomy; Secondly, it is geographically adjacent to Hong Kong and Macao and separated from Hong Kong by a river. Therefore, the initial development path of Shenzhen has no choice but to take the development path of trade or processing trade to gradually complete the primitive accumulation of industrialization, which is also in line with the general path of different stages of trade, industry and technology development that most people have to go through in the transition from agricultural society to industrial society.

There are three channels or sources for Shenzhen to complete primitive accumulation of capital through trade and processing trade.

First, entrepot trade. In the early 1980s, China's reform and opening-up had just begun, and people had not bid farewell to the era of shortage. Light industrial products with good quality and low price in Hong Kong, Macao and abroad have become the sought after objects. At that time, there was a national business tide in China, and Shenzhen, the largest special economic zone on the coast and in China, enjoyed a series of preferential policies. Among them, at the beginning of the construction of the special zone, in order to meet the supply of materials under construction, the central government gave Shenzhen some special policies on material import and foreign exchange use. Therefore, Shenzhen will soon become the new trade center of China. Not only do a large number of mainland individual industrial and commercial households or people who have just left the system to do business in the sea come to Shenzhen for gold, but they also set up trading companies in Shenzhen through various channels. With this policy, they resell imported materials originally used in Shenzhen Special Economic Zone to the mainland and earn huge trade profits.

The second is smuggling. At the beginning of reform and opening-up, there was a smuggling upsurge in China coastal areas such as Shandong, Zhejiang, Fujian and Guangdong, and many people completed the primitive accumulation of capital through this gray-black trade model. Shenzhen is no exception. Shenzhen can be said to be the largest distribution center for smuggling electronic parts at that time, and the SEG electronic market, which is famous all over the country, was established on this basis.

The third is the processing trade with "three supplements" as the main form.

As mentioned earlier, from the late 1970s to the early 1980s, Hong Kong, Macao and Taiwan's labor-intensive industries were unsustainable due to the rising labor and land costs, seeking new development space. With its natural potential, geographical location and humanistic harmony, Shenzhen has become the first choice to undertake this industrial transfer. Therefore, processing trade is the main source of capital accumulation in Shenzhen.

In the early stage of industrialization, it is understandable to rely on trade to lay the foundation, but with the passage of time, the disadvantages of establishing the market by trade gradually appear. The first two kinds of trade can't be elegant, and the latter one has many problems. The first critic was Dr. Chen Wenhong from the Asian Studies Center of the University of Hong Kong who had just returned to Hong Kong from abroad. An article entitled "Shenzhen is special there" was published in Wide-angle Lens magazine (No.65438+May 0985) published in Hong Kong. The article criticizes that Shenzhen has prospered for five years on the surface, but its foundation is unstable, mainly through the use of national preferential policies, mainly through trade with other domestic countries. Chen's article caused the first big debate about Shenzhen Special Economic Zone in China. In this big debate, most critics think that the proportion of industry in Shenzhen is too low, and point out that Shenzhen should learn to earn money from foreigners in the international market, not from mainlanders.

At this stage, not only the theoretical circles are critical of Shenzhen's development path, but also the central government has fine-tuned Shenzhen's policies. 1985 the central government decided to remove blood transfusion needles in Shenzhen and strengthen the control of import and export commodities in Shenzhen. In a blink of an eye, thousands of enterprises closed down and Shenzhen's economy fell into a trough. In June165438+1October of the same year, the State Council held a symposium on the development of export-oriented industries in special economic zones in Shenzhen. The seventh five-year plan of the central government clearly requires that "special economic zones should actively introduce technology, gradually focus on export production, and strive to create more foreign exchange for the country."

Shenzhen has also formulated its urban development plan according to the objectives of the seventh five-year plan. It is proposed that during the Seventh Five-Year Plan period, foreign investment will be 654.38+0.5 billion US dollars, domestic investment will be 6 billion RMB, and 500 new factories will be built. By 654.38+0.990, the total industrial output value will reach 9 billion RMB, and an export-oriented industrial structure will basically be formed within three years.

At this point, Shenzhen's industrial structure has entered the first transition period, that is, from trade to industry. Labor-intensive "three-for-one-supplement" enterprises and foreign-funded enterprises continue to develop outside the customs, and the outer edge of the special zone is full of such enterprises along 107 national highway and Shenhui highway. In the Special Zone, Shangbu and Bagualing Industrial Zones with electronics and light industry as the mainstay, Meilin Industrial Zone with mechanical processing as the mainstay, Li Antang Industrial Zone with textiles as the mainstay, and Longjing Industrial Zone with building materials as the mainstay have been formed. After several years of adjustment and development, Shenzhen has rapidly developed into an important industrial base and economic center in China. By 1994, Shenzhen's GDP has surpassed many traditional industrial bases and rose to the sixth place in the country.

(2) The second industrial transformation: from general industries to high-tech industries.

In the early stage of industrialization, there was a hunger for food in Shenzhen's industrial layout, especially the problems caused by "three supplies and one supplement". Mainly manifested in: First, the whole economic structure is relatively extensive, the added value of products is low, and the technical content is not high, which is not commensurate with the positioning and long-term development goals of the whole city; Second, a large number of processing trade enterprises with "three to one supplement" as the main form occupy the development space of Shenzhen; Third, some enterprises have low technical content, high resource consumption and serious environmental pollution, which is not conducive to the sustainable development of Shenzhen; Fourth, the rural economy in Shenzhen relies too much on the "three supplements" and loses the opportunity to establish an independent economic system. The development of private economy lags behind not only Wenzhou, but also other areas in the Pearl River Delta. Fifth, the autonomy and initiative of "three to one supplement" enterprises are abroad, so it is difficult to guard against the risks in the international market.

The above problems have attracted great attention of the Shenzhen Municipal Party Committee and Government, especially Li Youwei, the mayor who took office soon, to promote industrial transformation and upgrading and restrict the development of "three supplies and one supplement". At the end of 1993, Shenzhen issued a document to adjust the industrial structure. The document stipulates that the registration of new "three-to-one-supplement" enterprises will be suspended, and the environmental pollution caused by the "three-to-one-supplement" processing industry established in the special zone must be resolutely eliminated. In addition, 90 square kilometers of land will be set aside outside the special zone to build a large industrial zone (now Pingshan New District). As soon as the policy came out, Hong Kong-funded enterprises were in an uproar, and a large number of "three to one supplement" enterprises and "foreign-funded enterprises" moved out one after another. This process lasted until the beginning of this century. According to statistics, by the end of 2008, Shenzhen had relocated 599 industrial enterprises above designated size, involving industrial sectors 10, and total industrial output value 108 billion yuan.

It is generally believed that Shenzhen really implemented the second industrial transformation and upgrading, and proposed to develop high-tech industries around 1995, which was not only caused by the dilemma of economic development, but also by external doubts. From 65438 to 0995, the second big debate about Shenzhen Special Economic Zone took place in China. On one side of the argument is Li Youwei, then secretary of the Shenzhen Municipal Party Committee, and on the other side is Dr. Hu Angang, who is known as "Sinology". The cause originated from Hu Angang's publication of an article "Do you want to go to the special zone?" . The central argument of the article is that the SAR is not the special preferential policies of the country and the special support of the people of the whole country, but the innovation of the SAR itself. It is impossible to make an accurate judgment on who is right or wrong, but one thing is certain: this kind of questioning of the Special Economic Zone is a wake-up call to the Shenzhen Special Economic Zone and is conducive to adjusting the development strategy and working ideas.

It is in this context that the Shenzhen Municipal Party Committee and Municipal Government put forward the slogan that Shenzhen should start a second business. 1995, Shenzhen issued the Decision on Promoting Scientific and Technological Progress, 1997, Shenzhen issued the Outline of the Development Plan of Shenzhen High-tech Industrial Park, 1998, and Shenzhen formulated the Provisions on Further Supporting the Development of High-tech Industries (referred to as Article 22). So far, Shenzhen has initially completed the policy layout of industrial transformation and upgrading.

After several years of hard work, the second industrial transformation in Shenzhen has achieved initial results.

First, the transformation and upgrading of processing trade, processing trade has initially realized the transformation from labor-intensive industries to capital and technology-intensive industries, with the proportion of high-tech products mainly electronic information products reaching 57.7%, and the proportion of traditional labor-intensive products falling below 12%; Second, a large number of enterprises with high energy consumption, high pollution and low added value have been eliminated. The printing and dyeing factories and textile mills originally located in Nantou, Shekou and the eastern coast of Shenzhen have been shut down, relocated or switched to production; Third, a large number of high-tech industries such as optics, mechatronics, electronic information, bioengineering, medicine and new materials have risen and become the first pillar industry in Shenzhen; Fourthly, the logistics industry has rapidly developed into the only city in China with foreign ports by land, sea and air, and the container throughput of the port has jumped to the first place in China year after year, until it ranked fourth in the world in 2005.

(3) The third industrial transformation: high-tech industries and modern service industries are simultaneously developed.

The impetus for the transformation of the tertiary industry in Shenzhen comes from two aspects: on the one hand, on the basis of further developing high-tech industries through adjustment, the government has actively changed the first engine of economic growth from industry to modern service industry, and strived to promote the development of high-end service industries such as finance, exhibitions, creativity and culture. To this end, Shenzhen has issued a series of policies and regulations. In 2005, Shenzhen introduced the implementation plan of industrial structure adjustment, which raised the environmental protection threshold for enterprises to enter. In the same year, Shenzhen also issued the Outline of Shenzhen Cultural Industry Development Plan 2005-20 10, which clearly put forward the cultural industry as the fourth pillar industry for the first time. On June 5438+ 10, 2007, Shenzhen issued "Several Opinions on Accelerating the Development of High-end Service Industry in Shenzhen", which is also considered as a mobilization order for Shenzhen to March into modern service industry.

On the other hand, a large number of "three-supply and one-supplement" enterprises and "foreign-funded enterprises" actively moved out because of the deterioration of their living environment, forming another immigration tide after 1993, which has and will continue to affect Shenzhen's economic aggregate. The reasons for the outward migration of foreign-funded enterprises mainly include the following aspects: first, the serious shortage of land has affected the expansion of enterprises; Second, the policy advantage has weakened. The state adjusted the processing trade policy, reduced the export tax rebate rate, canceled the tax rebate for some products with high energy consumption, high pollution and high resources, and contracted credit. Third, profit margins are shrinking, labor wages and land costs are rising, raw material prices are rising, industrial water and electricity prices are rising, and so on. From the point of departure route, some of them moved to Dongguan, Huizhou, and Hunan, Hubei, Guangxi and other places outside the province; Another company moved to Vietnam, Bangladesh, India and other countries and regions with lower production costs and looser access systems.

It is these two factors that contributed to the third industrial transformation in Shenzhen. According to Shenzhen, the third industrial transformation is to realize five major changes: first, the core elements of industrial development are changed from material resources to soft resources; Second, the secondary industry has changed from labor-intensive to advanced manufacturing; Third, the industrial structure has changed from industrial leading to service leading; Fourth, the tertiary industry has changed from traditional service industry to high-end service industry; Fifth, the driving force of economic growth has changed from traditional industries to high-end industries.

At present, this transformation is still going on, but it has begun to take shape. Taking Futian District as an example, in recent years, Futian District has explored three modes of transformation, namely, from industry to commerce, from industry to industry and from industry to culture. First, the "industry-to-business" model, represented by Huaqiang North Commercial Street, will develop Huaqiang North from a mixed industrial and commercial area that mainly produces and sells electronic products in the past to the first electronic street in China; Second, the "industry-to-industry" model represented by Shangsha Innovation Science and Technology Park has transformed 16 "three-to-one-supplement" factories into science and technology innovation parks. Now dozens of R&D high-tech enterprises such as communication and network have gathered here, and the annual output value has increased by 17.25 times compared with that before the transformation; Third, the "industry-to-text" model represented by Tianmian Creative Industry Park transforms the original industrial zone of automobile maintenance and service production into a cultural and creative industrial park integrating industrial design, graphic design and spatial design. At present, there are 124 R&D centers, purchasing centers or branches of Fortune 500 companies in Futian Central Business District, which is only 4.3 square kilometers. It accounts for 80% of venture capital institutions in Shenzhen, 65% of securities business departments, 94% of fund companies and 84% of insurance institutions. In addition, there are more than 65,438+000 business headquarters and regional headquarters of various financial institutions.