Shenzhen started promoting urbanization in 1992. As a result, some collective economic organizations were turned into joint-stock cooperative companies.
During the process, 31 such companies were founded in Luohu, and as of the end of 2022, they were worth about 9.5 billion yuan ($1.37 billion), 37 times more than when they were founded.
Shuibei, an ancient village with 600 years of history in Luohu, has been transformed into a modern commercial zone thanks to the urbanization process.
People living in Shuibei and other villages experiencing urbanization in Luohu all have a higher sense of happiness and fulfillment.
To ensure the proper development of the companies, an effective supervisory system was set up, covering such fields as property leasing, goods and services purchasing, construction project tendering and bidding, property rights transactions, collective land use, and financial regulations.
The 31 joint-stock cooperative companies in Luohu bear the memory of old Shenzhen and are the backbone of collective economic development.
In the future, Luohu will continue to guide joint-stock cooperative companies to improve internal governance, strengthen talent training, and further transform and upgrade so that the collective economy can develop more dynamically and sustainably.