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As these industries have now become major growth engines in many regions, local governments are considering ways of luring private investment such as public-private partnerships and industrial investment funds, according to the report.

As sales of Xiaomi and China Tower, which fall into the hardware and equipment sector, far exceeded those of other companies listed during the same period, the average sales of listed companies in the hardware and equipment sector were relatively high.

As the first district set up in the city－which borders the Hong Kong Special Administrative Region－Luohu is considered a perfect example of Shenzhen's reform and development, and it has set many records as a pioneer of reform. For instance, it was in Luohu where the first foreign bank, the first stock exchange and the first Sino-foreign joint venture hotel on the Chinese mainland were founded.

As the middle-income group grows and people seek better job opportunities and medical facilities, the long-term population growth of higher-tiered cities will likely continue. Companies are responding by turning their attention to cities like Shenzhen, Nanjing, and Hangzhou. Despite the COVID-19 pandemic, new project launches in these cities were recently sold out in half a day.

As violence escalates in Hong Kong, a few Western media organizations, which had so far backed the radical protesters, have expectedly become cautious in voicing their views.