South China's technological powerhouse Shenzhen estimated Friday that its GDP rose about 7.5 percent year-on-year to surpass 2.4 trillion yuan (354 billion U.S. dollars) in 2018.

The city in Guangdong Province sets this year's GDP growth target at around 7 percent, Shenzhen mayor Chen Rugui said, noting the considerable pressures on the city's economic growth, including rising costs and changes in the external environment.

Chen made the announcements while delivering the government work report at the opening meeting of the annual session of the city's People's Congress. Shenzhen is home to a bevy of Chinese startups and tech heavyweights including Huawei and Tencent.

The city has one of the most favorable business environments in China. With a large number of high-tech companies, it tops all Chinese cities in innovative capability, according to Chen.

"Shenzhen has the second largest number of national-level high-tech enterprises in China, and its digital economy is at the country's forefront," Chen said.

The government work report said the city achieved a growth of over 8 percent in industrial investment and a 10.8-percent increase in the value addition of advanced manufacturing last year.

Moreover, the number of foreign-invested companies newly set up in Shenzhen jumped by about 120 percent. Actualized foreign investment in Shenzhen grew by 11 percent to reach 8.2 billion dollars.

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