Guangdong
Shantou 1992–2026: The Decline and Restart of a Special Economic Zone
In 1980, Shantou had the highest starting GDP of China's four Special Economic Zones; by 2024, with 316.8 billion yuan and just 0.02% growth, it ranked last in Guangdong—under one-eleventh of Shenzhen. A century-old trading port and hometown of tycoons like Li Ka-shing and Pony Ma, why did it fall behind? This report dissects the causes—the 1991 split, the late-1990s tax-fraud case and collapse of credit, the 'blossoming outside the wall' paradox—and the hopes and risks of its restart.
