From labour-intensive to innovation-driven economic growth
This chapter first discusses the characteristics of the economic development of Shenzhen, China’s first Special Economic Zone. Shenzhen was a very small town near the border between Hong Kong and mainland China with a population of only 30,000 people but has burgeoned into a booming city with nearly 14 million people. It has allowed a healthy private sector to become the core of its economy; enabled continuous structural upgrades; promoted innovation; and giving small private IT companies which have begun with low-end imitations, the opportunity to ease into autonomous innovation. The chapter then presents an endogenous specialized labour growth model to explain the story of Shenzhen.
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