In the late 1970s, Shenzhen was a modest fishing village, tucked away in the southern tip of Guangdong Province, China. With a small population, it was an unlikely candidate for economic stardom. Fast forward to the present day, and Shenzhen has metamorphosed into a bustling metropolis with a population exceeding 17 million — known globally as a hub of innovation and technology. This transformation is a cornerstone of China's economic reform and a testament to the power of strategic vision and policy. Shenzhen's remarkable transformation is showcased at the city's Reform and Opening-up Exhibition Hall, which we, a team of visiting Bangladeshi journalists, explored on April 21. Our subsequent tours of Huawei and Mindray Medical International Limited headquarters on the following day further reinforced our impressions of the city's rapid development and technological prowess. The Catalyst of Change: Economic Reform Policies The pivotal moment for Shenzhen came in 1980 when it was designated as China's first Special Economic Zone (SEZ) by Deng Xiaoping’s government. This designation intended to attract foreign investment and test market reforms. Shenzhen’s proximity to Hong Kong, a global financial hub, made it an ideal testbed for these reforms. Read more: PM Hasina likely to travel to India and China in first bilateral visits since forming new govt The SEZ status conferred unprecedented autonomy on the city in economic decision-making, Tax incentives, fewer bureaucratic steps, and market-oriented business environment catalyzed an influx of foreign investments. Infrastructure and Industrialization: Laying the Foundation Concurrent with policy reforms, Shenzhen's infrastructure underwent a dramatic overhaul. The government invested heavily into building roads, ports, railways, and telecommunications networks, drastically enhancing the city’s connectivity and efficiency. The establishment of the Shenzhen Stock Exchange in 1990 further positioned the city as a financial center. Industrial parks sprang up around the city, attracting manufacturing units from electronics to pharmaceuticals. The move from a primary focus on manufacturing to include high-tech industries was signalled by giants like Huawei and Tencent establishing their headquarters in Shenzhen. This not only diversified the city’s industrial base but also elevated its status to that of a global technology nexus. Read more: Chinese delegation meets BGMEA leaders to discuss trade and investment potential Innovation and Talent Attraction: Fuelling Sustained Growth Shenzhen's policies have always favored innovation and creativity. The city is now renowned for its robust intellectual property protections which has made it attractive for tech startups and entrepreneurship. In addition, Shenzhen invests heavily in education and R&D, drawing talents from across the globe to its research institutes and think tanks. The city’s rapid economic expansion is also supported by a unique culture that encourages experimentation and innovation. This is embodied in the landscape of sprawling tech campuses and vibrant startup incubators that dot the city. Huawei's Robust Growth Amid Diverse Innovations Huawei Technologies Co. Ltd., a global leader in information and communication technology (ICT) and smart devices, reported a robust revenue of US$97 billion for the year 2023. This financial milestone was prominently fueled by the company's ICT technology infrastructure, which constituted half of the total revenue. In a strategic push to spearhead technological advancements, Huawei invested a substantial 23.4% of its annual revenue into research and development (R&D) in 2023. Read more: Arafat appreciates Chinese support for Bangladesh’s development It also marked a year of solid performance for Huawei’s core ICT infrastructure operations, while its consumer business achieved its set targets efficiently. The company's forays into cloud computing and digital power sectors reported steady growth. Notably, Huawei's intelligent automotive solution business commenced large-scale deliveries, signaling a promising diversification strategy that aligns with global digital transformation trends.