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Hong Kong economy surpassed by tech-heavy neighbor Shenzhen

Shift in focus by 'China's Silicon Valley' powers surge in GDP

The growth was already Hong Kong's fastest since 2011, but its total GDP still fell behind Shenzhen.   © Reuters

HONG KONG -- Hong Kong has been overtaken by neighbor Shenzhen in economic size for the first time, as the Asia financial hub's growth failed to catch up with the pace in the technology-charged city.

Last year, Hong Kong's gross domestic product grew 3.8% to 2.66 billion Hong Kong dollars ($340 billion), according to official data released on Wednesday. Although the growth was the city's fastest since 2011, its total GDP still fell behind Shenzhen, whose economy expanded by 8.8% to 2.24 billion yuan ($355 billion) in 2017.

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