Shenzhen surpasses HK in GDP

Shenzhen's 2018 gross domestic product surpassed that of Hong Kong, calculated by the annual average exchange rate, for the first time in history, as the latter unveiled the government's 2019-20 budget on Wednesday.

Hong Kong's GDP grew 3 percent in 2018 to HK$ 2.845 trillion ($362.4 billion), equivalent to 2.4 trillion yuan based on the average annual exchange rate, according to the government's Census and Statistics Department.

Meanwhile, its neighboring city and China's "Silicon Valley" Shenzhen earlier this year announced a year-on-year increase of 7.5 percent in GDP - 2.422 trillion yuan in total.