By Frank Holmes via Iris.xyz
Forty years ago, Shenzhen, China, was a sleepy fishing village of 30,000. But in 1980, then-Communist Party leader Deng Xiaoping designated the southern town as one of four special economic zones (SEZs), thereby giving it special tax benefits and preferential treatment to foreign investment. In the years that followed, Shenzhen expanded at an alarming pace. Its GDP per capita grew a jaw-dropping 24,569 percent between 1978 and 2014, and by 2016 its population stood at nearly 12 million.
Today Shenzhen is universally held up as one of capitalism’s great success stories. Because of Deng’s willingness to liberate its economy and open Shenzhen up to foreign investment, the once-poor, now-thriving megacity is known as a world-class tech hub, home to the Shenzhen Stock Exchange and one of the busiest financial centers in the world.
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