Statistics from big data analyzer Qizhidao show that more than 25 percent of the 276 companies selected in the fourth group of national-level "little giant" enterprises in Shenzhen were involved in manufacturing highly innovative electronic equipment.

There are now 752 SMEs in Shenzhen, making the city a leading partner in niche markets.

Li Zibin, president of the China Association of Small and Medium Enterprises, said specialized and sophisticated SMEs producing unique products are becoming the cradle for new industries, fresh forms of business, and new models of industry. They are taking China's manufacturing business toward higher-end, more intelligent and greener development.

Wei, from the Belt and Road Initiative's International Cooperation and Development Research Institute, said that with all the achievements made by Shenzhen in recent years, it is imperative for the city to be a beacon for market economy reform. It should spearhead China's "common prosperity" strategy and be a gateway for exploring the road to urban civilization and promoting the integration of Chinese culture with the world.

"First, Shenzhen must continue to be a good example of market economy reform. Then, it should contribute to solving unbalanced and insufficient regional development by accelerating the transfer of industries to surrounding areas and less developed areas," Wei said.

Turning to cultural integration, Wei suggested that Shenzhen should promote cutting-edge fashion to the world.

"Regardless of the challenges that lie ahead, Shenzhen's commitment to reform and opening-up remains unwavering," Wei added.

"The city's remarkable accomplishments are rooted in its profound respect for market forces and the government's bold determination to persistently reform itself in support of private enterprise development," he said. "Shenzhen has achieved astonishing feats in the past and is poised to continue crafting extraordinary achievements."

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[Video/Shenzhen Fabu and Eye Shenzhen]