[Abstract] Since the reform and opening up, Shenzhen and Shanghai have made remarkable achievements. The two representative development models of Shenzhen and Shanghai start from the industrial economy, and then gradually transition to the innovative economy, knowledge economy and service economy; Moreover, there are many commonalities in innovative economy and economic structure transformation and upgrading. There are also many differences between the two representative development models of Shenzhen and Shanghai, such as different starting points and economic types in the early stage of opening up, different industrial contents and missions of innovative economy in the take-off stage, different identification methods of physical asset contribution and benefit distribution of knowledge-based economy and service-oriented economy. The export-oriented economic model of Shenzhen and Shanghai has provided a lot of successful experience and inspiration for other cities.
